India's Gail reports 47% drop in profit in Jan-Mar
India's biggest gas transportation and marketing company Gail on June 9 reported a 47.4% year/year drop in consolidated net profit for the three months ending March 31 (Q4) to 24.86bn rupees ($340mn). Profit was up 32% quarter/quarter, however.
For the 12 months ending March 31, Gail's consolidated net profit was 61.36bn rupees as against a net profit of 94.22bn rupees in the previous year.
Manoj Jain, chairman and managing director said that during the year, the company's capital expenditure was 69.82bn rupees mainly on pipelines. The company is focusing on expanding in the areas of compressed biogas, ethanol and renewable energy, Jain said.