it made losses in the cooking gas (LPG) business.
Net profit in July-September dropped to Rs 915.67 crore as compared to Rs 985.38 crore a year ago.
“Major reason for decline in profit after tax is the Rs 377 crore loss suffered on LPG,” GAIL chairman and managing director BC Tripathi told reporters here.
While price realised on sale of LPG was 19 per cent higher at Rs 50,000 per tonne, the segment suffered loss as the company had to shell out Rs 700 crore to in fuel subsidies.
Upstream firms like ONGC and GAIL make up for more than one-third of the losses that fuel retailers suffer on sale of diesel, domestic LPG and kerosene at government controlled rates. PTI