(Reuters) – Indian gas distributor GAIL reported a nearly 30% fall in third-quarter profit before one-off items and taxes on Thursday, as costs rose amid muted volume growth.
Profit before exceptional items and taxes fell to 25.89 billion rupees ($298.9 million) in the December quarter from 36.94 billion rupees a year earlier.
The country’s largest natural gas distributor by market share said recorded an inflow of 24.4 billion rupees from a settlement agreement with SEFE Marketing & Trading Singapore, which boosted its net profit 36% on-year to 38.67 billion rupees.
Revenue from its natural gas marketing segment, which accounts for about 90% of its overall revenue, rose 1.6%.
The company’s natural gas transmission business volume grew 3.6% from a year earlier while the gas marketing business volume rose 5.4%.
Last quarter, natural gas transmission business volume grew 8.6% year-on-year while gas marketing business volume fell 0.4%.
Overall revenue rose 2.1% to 349.58 billion rupees, while total expenses rose 5.7% to 331.19 billion rupees.
($1 = 86.6180 Indian rupees)
(Reporting by Ashish Chandra in Bengaluru; Editing by Mrigank Dhaniwala)
