Press Releases
[New Delhi, 31^st January, 2007]

GAIL - Sales and Profits increase despite higher subsidy

New Delhi, January 31, 2007   GAIL (India) Limited registered a turnover (net of Excise Duty) of Rs. 4378 crore in the third quarter of FY 2006-07, a 12 per cent increase over the turnover in the corresponding previous period.

The Net Profit during the third quarter of FY 2006-07 was Rs. 665 crore against Rs. 643 crore in the corresponding previous period. The increase in the Net Profit was despite the increased share of LPG subsidy in the third quarter of the current financial year. The LPG subsidy during the period increased by over 53 per cent to Rs. 315 crore compared to Rs. 206 crore in the corresponding previous period.

For the nine month period ended 31^st December 2006, the company registered a 13 per cent increase in Net Sales of Rs. 12164 crore, as against Net Sales of Rs. 10800 crore in the previous period. The increase in turnover was achieved despite the fact that gas supply was affected for one month in the second quarter in the current financial year and higher burden of LPG subsidy to the extent of Rs. 460 crore i.e. from Rs. 526 crore to Rs. 986 crore.

The Net Profit for the period ended 31^st December 2006 was Rs. 1706 crore against Rs.1901 crore in the corresponding previous period.

GAIL has already declared a 55 per cent interim dividend for the financial year 2006-07.