GAIL's Q3 net profits grow 15 percent

Wednesday, 21 January 2004, 08:00 Hrs
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NEW DELHI: Net profits of gas infrastructure major GAIL (India) Ltd have grown in the third quarter to 12.39 billion from 10.76 billion in the corresponding period last year, a jump of 15 percent.

Announcing the third quarter results for fiscal 2003-04, the company said in a statement sales turnover in the October-December quarter was 30.20 billion, while total sales in the nine-month period from April-December was 90.26 billion, an increase of 3.83 percent over the same period in fiscal 2002-03.

"The performance of the capital market has further consolidated GAIL's position," the state-owned company said.

GAIL is expected to enter the market soon with a public offering as the central government plans to divest 10 percent of its equity in the gas company.

The issue will be conducted through the book building process.

GAIL's market capitalisation had risen to 220.16 billion as on December 31, 2003, against 125.16 billion on September 30, 2003.

This translates to an increase of over 75 percent, the statement said.

"A positive result validates our belief in ourselves and reinforces our confidence with respect to future growth," Proshanto Banerjee, GAIL's chairman and managing director, said announcing the results.

Revenue in the quarter ending December 2003 has mainly been a contribution of an increase in the sales volume of natural gas, liquefied petroleum gas and other liquid hydrocarbons. GAIL's diversified business interests in telecom too are a contributing factor in the profit, the company said.

The company has declared an interim dividend of rupees four an equity share of 10 each, amounting to 3.38 billion.

Source: IANS
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