GAIL Q3 net profit rises 12.7%, revenue up 35% at Rs 8,365 cr

Jan 19 2011, 04:13 IST
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SummaryGAIL India on Tuesday reported 12.7% jump in its net profit for the quarter ended December 31, 2010, on higher gas trading and transmission margins.

GAIL India on Tuesday reported 12.7% jump in its net profit for the quarter ended December 31, 2010, on higher gas trading and transmission margins.

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.

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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.

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