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Our Bureau

New Delhi, Jan. 31

Increased subsidy burden and corporate tax during the third quarter of the current fiscal had led to a dip in GAIL (India) Ltd’s net profit by 6.6 per cent. The net profit during the third quarter of financial year 2007-08 was Rs 621 crore (Rs 665 crore).

GAIL registered a total revenue of Rs 4,483 crore (Rs 4,563 crore). According to the company, the marginal decrease in the revenues and net profit was mainly due to the increased subsidy burden and corporate tax.

For the nine month period ended December 31, 2007, however, the company registered net sales of Rs 13,073 crore (Rs 12,164 crore), a 7.4 per cent increase. The net profit for the nine-month period was Rs 1,879 crore (Rs 1,706 crore), up 10 per cent.GAIL has already declared a 40 per cent interim dividend for the financial year 2007-08.

GAIL’s shares closed at Rs 416.20 at the Bombay Stock Exchange on Thursday.

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