GAIL profit dips 38% in Jan-Mar

State gas utility GAIL India Ltd today reported 38% drop in its March quarter net profit because of higher fuel subsidy outgo.

The net profit in January-March at Rs 483 crore was down 38% from Rs 783 crore a year ago, GAIL Chairman and Managing Director B C Tripathi told reporters here.

"Our subsidy outgo rose 51% to Rs 3,183 crore in 2011-12 as against Rs 2,111 crore in the previous year," he said.

Sales rose 18% to Rs 8,894 crore.