GAIL India, a public sector organization that is owned by the Ministry of Petroleum and Natural Gas, published its Quarterly reports for the fourth quarter of the fiscal year 2023 on Thursday.
The petroleum public company declared a net profit of Rs 603.52 crore for the quarter that ended in March 2023, which was a solo figure. This is a decrease of 77.5 percent in comparison to the previous fiscal year’s equivalent quarter revenue of 2,683.11 crores.
The income that the state-owned corporation earned from its activities increased by around 22% to 328.58 crores. Despite this, the company’s petrochemical divisions saw a decrease in revenues of 46%.
The natural gas marketing division, which is responsible for 96% of the overall income, benefited from increased volumes as well as decreased costs, which led to a 37% increase in quarterly revenue.
Back in 2012, GAIL came to an agreement with the energy giant Gazprom of Russia to acquire around 2.5 lakh tonnes of liquified natural gas (LPG) over the course of the next 20 years.
Following the imposition of Western sanctions on Russia in response to the conflict in Ukraine, Gazprom was forced to relinquish its ownership in Germany’s Sefe.
GAIL said a month ago that it will obtain four cargoes of LNG from Sefe, which is similar to the amounts that it was acquiring under an agreement with a former subsidiary of Gazprom in Russia.