(Reuters) - State-run gas utility GAIL (India) Ltd posted a 23 percent fall in first-quarter profit on Thursday, but beat analysts’ expectations.
Profit came in at 10.26 billion rupees ($160.06 million) for the three months ended June 30, compared with 13.35 billion rupees a year earlier, the company said. bit.ly/2vItgDg
Analysts on average had expected GAIL to post a quarterly profit of 10.18 billion rupees, according to Thomson Reuters data.
Revenue from the company’s natural gas transmission services business rose 10 percent to 11.34 billion rupees in the quarter.
($1 = 64.1000 Indian rupees)
Reporting by Samantha Kareen Nair in Bengaluru; Editing by Sunil Nair and Vyas Mohan