India’s Gail reports financial results for Q2
by ChemOrbis Editorial Team - content@chemorbis.com
India’s Gail released its financial results for the second quarter, according to a press release on the company’s website. The company’s revenue slipped 12% to Rs12,565.3 crore ($1.96 billion) from Rs14,270.62 crore ($2.2 billion) in the first quarter. Analysts’ initial estimates had called for a revenue of Rs15,244.5 crore ($2.37 billion) for the second quarter, according to a survey conducted by CNBC-TV18.
Meanwhile, natural gas marketing revenue dropped by 15.5% to Rs10,581 crore ($1.65 billion) on a quarterly basis while petrochemical segment revenue also posted a decrease of 57% to Rs516 crore ($80.4 million) compared to the previous quarter. EBIT loss (earnings before interest and tax), meanwhile, was recorded at Rs300.19 crore ($46.7 million) in comparison to Rs154 crore ($24 million) in the previous quarter.
Meanwhile, natural gas marketing revenue dropped by 15.5% to Rs10,581 crore ($1.65 billion) on a quarterly basis while petrochemical segment revenue also posted a decrease of 57% to Rs516 crore ($80.4 million) compared to the previous quarter. EBIT loss (earnings before interest and tax), meanwhile, was recorded at Rs300.19 crore ($46.7 million) in comparison to Rs154 crore ($24 million) in the previous quarter.
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