GAIL Q3 net up 10% to Rs 664 crore

Firm did not have to share under-recovery burden of OMCs; total income down 9% to Rs 13,208 cr

GAIL (India) Ltd, the country’s largest natural gas transmission utility, on Tuesday posted a 9.9 per cent jump in net profit for the December quarter as the firm did not have to share any under-recovery burden of oil marketing companies.

The company reported a net profit of Rs 664 crore during the quarter against Rs 604 crore during the year-ago quarter. “The company provided nil discount for the quarter as compared to Rs 500 crore provided in the corresponding quarter previous year,” the firm said. Total income during the three months ended December 2015 dipped 9.2 per cent to Rs  13,708 crore from Rs  15,109 crore.

GAIL also said its long-term gas sale and purchase contract with Petronet LNG, for offtake of R-LNG, was renegotiate during the quarter. As per the revision, the quantity of R-LNG not offtaken by the company during 2015 will be treated as "downward flexibility" during subsequent years, it said.

Total income of the company during the three months ended December 2015 dipped 9.2 per cent to Rs 13,708 crore from Rs 15,109 crore in the corresponding quarter previous year. The company's share price at the Bombay Stock Exchange today closed at Rs 348.60, up 1.48 per cent as compared to previous close.