It was an operationally strong quarter from GAIL as margins were a big beat led by the petchem segment as the losses narrowed. However, there was some disappointment in the liquefied petroleum gas (LPG) segment as EBIT did not rise much despite an increase in realisations.

Ashutosh Karnatak, chairman and MD of GAIL, said that by the end of the fourth quarter, the petchem business should be positive. In terms of LNG, GAIL has made its plant 100 percent available for production, he added.

"Selling price has enhanced from Rs 30,000 to Rs 33,500 – that is a benefit to us – that is why the profit is coming and it is cyclic,” said Karnatak in an interview with CNBC-TV18.

He said the company is planning around Rs 6,000 crore capital investment. "We want this company to be zero dispute company. Recently, we have done a review and I found that there are hardly any disputes now,” said Karnatak.

“Our focus is on the gas economy. How to take gas share from 5 percent to 15 percent. Our objective is that the mission of the government of India should be fructified and we are focusing that by 2024 the National Gas Grid should be completed,” he further mentioned.

When asked what impact APM gas price cut of 22-25 percent will have on the business, he replied, “We are more consumer-friendly. If APM price goes down, it is good for the customers. More sell will be there, we will try to get more customers. Margins will improve.”