GAIL (India) Ltd posted a 17.72 per cent jump in net profit for the third quarter of the current fiscal backed by better performance in natural gas trading, LPG and liquid hydrocarbons, and petrochemicals.

In a statement to the stock exchanges, the company said that its profit for the quarter stood at Rs 1,284.86 crore for the quarter ended December 31 compared with Rs 1,091.420 crore for the quarter ended December 31, 2011.

Total income has increased from Rs 11,315.5 crore for the quarter ended December 31, 2011, to Rs 1,26,58.37 crore for the quarter ended December 31, 2012.

For the quarter, the company gave discounts of Rs 700 crore to public sector oil marketing companies, up from Rs 536.12 crore in the same quarter last fiscal and adjusted Rs 85.67 crore towards excess provision for the quarter ended September 2012 and Rs 2,100 crore for the period ended December 31, 2012.

GAIL’s board of directors also approved payment of interim dividend for the FY 2012-13 at the rate of 40 per cent (Rs 4 per equity share) on the paid-up equity share capital.

The said interim dividend shall be paid within stipulated period of 30 days -- latest by March 14.

(This article was published on February 14, 2013)
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