GAIL India first-quarter profit falls, beats estimates

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.