Net profit in October-December rose to Rs 968 crore as compared to Rs 859 crore in the year-ago period, GAIL CMD BC Tripathi said. The increase in net profit during the third quarter of the current financial year was mainly due to the increase in natural gas transmission, LPG transmission and natural gas trading business, he said.
The company turnover soared 35% to Rs 8,365 crore. Tripathi said GAIL has raised Rs 500 crore through a bonds issue and is planning to further raise $150 million through ECB next month.
Besides, it is planning to take a loan of Rs 300 crore from Oil Industry Development Board (OIDB) to meet its capex requirements, he said, adding that GAIL was looking at the foreign currency bond (FCB) issue of $150-200 million in the next fiscal. Tripathi said GAIL has expanded the capacity of its Dahej-Vijaipur pipeline to 35 mmscmd from 24 mmscmd.
The company will in 2011 add 1,500-km of pipeline at an estimated cost of about Rs 10,000 crore to raise its gas transmission capacity to 230 mmscmd from current 180 mmscmd, he said.
MindTree Q3 net profit plunges 43%
MindTree reported 43% decline in its net profit for the third quarter ended December over the year-ago quarter. But, the firm said its profitability will see an upside with the restructuring of its Wireless Products Business now over.
Net profit for the quarter stood at Rs 30.50 crore, or Rs 7.46 a share, against Rs 54 crore, or Rs 13.09 per share, a year ago. Revenues jumped 16% to Rs 385 crore driven by manufacturing and the BFSI verticals. Dollar revenues increased 21% to $85 million. Although volumes remained flat, the firm reported pricing improvements.
Higher realisation coupled with some improvements in operational performance helped Ebitda margins to remain stable at 11.7% compared to the second quarter. The management noted that margins are likely to see an upside in the fourth quarter because of continued revenue growth momentum and zero restructuring expenses.
Bajaj Finserv net profit trebles to Rs 107 crore
Bajaj Finserv tripled its profit in the third quarter of FY11. Bajaj Finserv posted a 206% growth in profit to Rs 107 crore for the third quarter of FY11 against Rs 35 crore in the same period previous year. Bajaj Finserv's retail finance subsidiary company, Bajaj Finance, contributed to this growth by recording a 181% growth in PAT to Rs 76 crore. Bajaj's General Insurance business profits grew at 21% to Rs 35 crore.
Mastek net loss at Rs 27.66 crore
Mastek reported a net loss of Rs 27.66 crore for the quarter ended December 31 following a dip in revenues from overseas clients. The Ahmedabad-headquartered company had posted a profit of Rs 23.5-crore in the corresponding October-December period last year.
Indiabulls Real Estate Q3 net jumps over 27 fold
Indiabulls Real Estate reported more than 27-fold jump in its consolidated net profit to Rs 76.61 crore for the quarter ended December 31, 2010, against Rs 2.76 crore in the year-ago period. Net sales rose to Rs 399.66 crore in the third quarter of this fiscal from Rs 37.46 crore in the corresponding period of the previous year, Indiabulls Real Estate said in a filing to the Bombay Stock Exchange. The total expenditure increased sharply to Rs 284.07 crore in the third quarter of 2010-11 fiscal against Rs 72.86 crore in the year-ago period, due to higher expenses on land, plots and constructed properties.
NIIT Technologies Q3 PAT jumps 35.4%
NIIT Technologies today reported a profit after tax (PAT) of Rs 47.8 crore for the quarter ended December 31, reflecting a growth of 35.41% over the year-ago period. The company had posted a PAT of Rs 35.3 crore in the October-December quarter last fiscal, NIIT said.