State-owned gas utility GAIL (India) Ltd today reported a 17 per cent rise in the December quarter net profit at Rs 1,285 crore on back of higher revenues from gas trading.
GAIL posted a net profit of Rs 1,284.86 crore in October-December as compared to Rs 1,091.42 crore in the same period a year ago, the company said in filings to the stock exchange.
Total income increased from Rs 11,315.50 crore for the quarter ended December 31, 2011 to Rs 12,658.37 crore in the third quarter of current fiscal.
GAIL board approved payment of an interim dividend of 40 per cent (Rs 4 per equity share) for 2012-13 fiscal. "The said interim dividend shall be paid within stipulated time period of 30 days i.e. latest by March 14, 2013," it said.
The firm provided Rs 700 crore to subsidise diesel and cooking fuels in the quarter ended December 31, 2012 as compared to Rs 536.12 crore in the year ago period.
Upstream firms like ONGC and GAIL make good a portion of losses that fuel retailers suffer on selling diesel, domestic LPG and kerosene at government controlled rates.
Revenue from gas trading rose 10.5 per cent to Rs 10,118 crore while that from gas transmission fell 9 per cent to Rs 989.36 crore. Income from petrochemical business increased to Rs 1106.98 crore in Q3 from Rs 877.98 crore in the year ago period.
GAIL stock closed the day at Rs.334.35, up by Rs 6.45 or 1.97 per cent. The stock hit an intraday high of Rs 335.90 and low of Rs.326.
The total traded quantity was at 1.83 lakhs compared to 2 week average of 0.54 lakhs.