GAIL India reports 10% drop in July-Sept net profit

SME News, Friday, Oct 26, 2012 16:57:36 PM IST

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NEW DELHI: Government-owned gas utility GAIL India Ltd reported a decline of 10 per cent in net profit for the July-September quarter due to higher fuel subsidy outgo as well as fall in gas transmission volumes.

For the quarter under review, the net profit of the company Rs 984 crore, down by 10 per cent than Rs 1,094 crore in the same period last fiscal, as announced by GAIL Chairman and Managing Director B C Tripathi.

“Our outgo on LPG subsidy increased 39% to Rs 786 crore from Rs 567 crore,” he said.

Also, the decline in Reliance Industries' eastern offshore KG-D6 fields led to a drop in volumes the company transported, he said.

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