<p>GAIL India Ltd, the nation's biggest gas company, on Tuesday reported a 8.5 per cent drop in September quarter net profit after losses on gas marketing offset gain made in the gas transportation business.</p>.<p>Consolidated net profit of Rs 1,068.16 crore, or Rs 2.47 per share, in July-September, is compared with Rs 1,167.58 crore, or Rs 2.59 a share, net profit in the year-ago period, GAIL said in a filing to stock exchanges.</p>.<p>Turnover slipped 23.7 per cent to Rs 14,104.80 crore largely due to lower gas prices during the quarter.</p>.<p>GAIL reported a pre-tax loss of Rs 334.55 crore on its natural gas marketing business as the pandemic impacted demand. The loss was however lower than Rs 614.06 crore pre-tax loss in April-June. The business had Rs 241.72 crore of pre-tax profit in July-September 2019.</p>.<p>The firm which owns most of the nation's cross-country gas pipeline network saw its pre-tax profit from the gas transportation business rise 27 per cent to Rs 1,021.18 crore in the second quarter of the current fiscal.</p>.<p>With the resumption of economic activity bringing back demand, the petrochemical business clocked a pre-tax profit of Rs 176.31 crore as compared to a loss of Rs 82.32 crore in the year-ago period and Rs 154.43 crore in June quarter of the current fiscal.</p>.<p>"The Covid-19 pandemic globally and in India has impacted business in general and caused a slowdown of economic activity," GAIL said.</p>.<p>The firm said its physical performance has improved as compared to the previous (April-June) quarter and reached almost normal levels.</p>.<p>"The group has assessed the possible impact of Covid-19 in preparation of financial results based on the internal and external sources of information and expects no significant impact on the continuity of the business on a long term basis, the useful life of the assets and overall financial position of the group," it said. </p>
<p>GAIL India Ltd, the nation's biggest gas company, on Tuesday reported a 8.5 per cent drop in September quarter net profit after losses on gas marketing offset gain made in the gas transportation business.</p>.<p>Consolidated net profit of Rs 1,068.16 crore, or Rs 2.47 per share, in July-September, is compared with Rs 1,167.58 crore, or Rs 2.59 a share, net profit in the year-ago period, GAIL said in a filing to stock exchanges.</p>.<p>Turnover slipped 23.7 per cent to Rs 14,104.80 crore largely due to lower gas prices during the quarter.</p>.<p>GAIL reported a pre-tax loss of Rs 334.55 crore on its natural gas marketing business as the pandemic impacted demand. The loss was however lower than Rs 614.06 crore pre-tax loss in April-June. The business had Rs 241.72 crore of pre-tax profit in July-September 2019.</p>.<p>The firm which owns most of the nation's cross-country gas pipeline network saw its pre-tax profit from the gas transportation business rise 27 per cent to Rs 1,021.18 crore in the second quarter of the current fiscal.</p>.<p>With the resumption of economic activity bringing back demand, the petrochemical business clocked a pre-tax profit of Rs 176.31 crore as compared to a loss of Rs 82.32 crore in the year-ago period and Rs 154.43 crore in June quarter of the current fiscal.</p>.<p>"The Covid-19 pandemic globally and in India has impacted business in general and caused a slowdown of economic activity," GAIL said.</p>.<p>The firm said its physical performance has improved as compared to the previous (April-June) quarter and reached almost normal levels.</p>.<p>"The group has assessed the possible impact of Covid-19 in preparation of financial results based on the internal and external sources of information and expects no significant impact on the continuity of the business on a long term basis, the useful life of the assets and overall financial position of the group," it said. </p>