State-owned Gas Authority of India Ltd (GAIL)’s net profit in the March-end quarter slipped about 38.4% compared to the same period last year with its natural gas marketing segment, which is the largest contributor to its revenues, posting a loss of ₹151.32 crore in the reported quarter.

Supplies of natural gas globally have been affected since March amidst the escalating tensions in West Asia.

In fact, QatarEnergy, which is the world’s largest exporter of natural was obligated to place a forced majeure in March after its facilities were attacked early March.

Before the war, 47% of India’s LNG imports were sourced from Qatar.

In the March-end quarter, GAIL posted a net profit of ₹1,262 crore, which was lower than ₹2,049 crore in the corresponding period last year.

On a standalone basis, GAIL’s revenue from operations also dipped 2.6% on a year-over-year basis to ₹34,797 crore in the March-end quarter.

Alongside the results, the Delhi-headquartered gas marketing major declared a dividend of ₹0.50 per equity share.