Q3 net profit rises 13% on higher petrochemical, cooking gas output

24-Jan-12
GAIL (India) Ltd. beat analysts' expectations with a 13% rise in quarterly net profit, as an increase in output of petrochemicals and cooking gas offset higher subsidy payout and flat natural gas transmission volume. Net profit at India's state-run pipeline utility grew to INR 10.91 bln in the quarter ended Dec. 31, from INR 9.68 bln a year earlier. Sales rose 35% to INR 112.60 bln from INR 83.65 bln. GAIL controls 72% of India's gas transmission market with about 175 mln metric standard cubic meters a day capacity. The company is expanding its petrochemical output in the third quarter was 118,000 tons, up 16% from a year earlier when production was hit due to a shutdown on account of fire at a petrochemical plant at Pata in northern Uttar Pradesh state. Cooking gas output rose 8% to 359,000 tons.
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