New Delhi, May 28 (IANS) State-run gas transmission and distribution major GAIL (India) Tuesday reported a 28 percent increase in net profit for the fourth quarter ended March 2013.
During the quarter, GAIL's net profit increased to Rs.618 crore against Rs.483 crore in the corresponding quarter of previous year.
The profit before tax for the fourth quarter increased by 56 percent to Rs.1,141 crore from Rs.731 crore.
The company registered 19 percent increase in turnover of Rs.12,409 crore in the fourth quarter of fiscal 2012-13, as against Rs.10,455 crore in the corresponding quarter during the last financial year.
GAIL announced that during the quarter in question natural gas sales were 80.13 million metric standard cubic meter per day as against 85.47 mmscmd during the corresponding quarter of last year.
Natural gas transmission during the last quarter of the current financial year was 99.49 mmscmd as against 115.62 mmscmd in the corresponding period last year.
GAIL net profit rose 10.08 percent to Rs.4,022.20 crore on 17.51 percent growth in total income from operations to Rs.47,522.69 crore in the year ended March 2013 over the year ended March 31, 2012.
GAIL under-recoveries from the discounted sale of LPG declined 57.99 percent to Rs.587.18 crore in the quarter ending March 2013, over the quarter ending March 2012. The company's under recoveries on LPG declined 15.56 percent to Rs.2,687.18 crore in fiscal year 2013, over fiscal year 2012.
Earnings of per share for the quarter stood at Rs.4.87 a share during the quarter, registering 27.82 percent fall over the previous year period.
GAIL's board has recommended a final dividend of Rs.5.60 per share for financial year 2013.
As per the shareholding pattern on March 31, 2013, the government holds 57.34 percent stake in GAIL.