rediff.com

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  

Rediff News  All News 
Rediff.com  » Business » GAIL India net profit drops 10%

GAIL India net profit drops 10%

October 26, 2012 15:45 IST

PetrolState-owned gas utility GAIL India Ltd on Friday reported 10 per cent drop in net profit for the July-September quarter on the back of higher fuel subsidy outgo as well as fall in gas transmission volumes.

Net profit for the quarter was Rs 984 crore (Rs 9.84 billion), 10 per cent lower than Rs 1,094 crore (Rs 10.94 billion) in the same period last fiscal, GAIL chairman and managing director B C Tripathi told reporters in New Delhi.

"Our outgo on LPG subsidy increased 39 per cent to Rs 786 crore (Rs 7.86 billion) from Rs 567 crore (Rs 5.67 billion)," he said.

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

© Copyright 2013 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.