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New Delhi, Aug 11  State-run gas transmission utility GAIL India on Thursday reported a 23 per cent fall in net profit for the first quarter of the fiscal ended June at Rs 1,025.64 crore, as compared to a profit after tax (PAT) of Rs 1,335.18 crore in the same quarter of the previous fiscal.

GAIL in a statement here said net profit in the first quarter of the current fiscal “has seen growth of 21 per cent on year-on-year basis (after excluding one-time gains from stake sale in Mahanagar Gas Limited in Q1 FY17 of Rs 489 crore)”.

The company’s revenue during the quarter in question grew to Rs 11,570.38 crore, from Rs 10,832.12 crore in the same period a year back. This was mainly aided by rise in revenues from its natural gas segment to Rs 8,520 crore.

GAIL also had lower interest expenses by 43 per cent during the first quarter at Rs.101 crore against Rs 177 crore in the same quarter last year after adjusting the one time gain by stake sale in Mahanagar Gas Limited last year.

According to the GAIL, the growth in net profit has been led by better performance of their gas transmission and liquid hydrocarbon segment, better price realisation in liquid hydrocarbons and decrease in cost of production and finance cost.

“During the quarter, GAIL registered growth in physical performance in liquid hydrocarbon sales, natural gas transmission and LPG transmission by 16 per cent, four per cent and 26 per cent, respectively, as compared to corresponding period of the previous year,” it said.

GAIL stock closed trade on Thursday at Rs 363.80 a share, down Rs 17.10, or by 4.49 per cent, on its previous close on the BSE.