GAIL India net profit drops 10%

State-owned gas utility GAIL India Ltd on Friday reported 10 per cent drop in net profit for the July-September quarter on the back of higher fuel subsidy outgo as well as fall in gas transmission volumes.

Net profit for the quarter was Rs 984 crore (Rs 9.84 billion), 10 per cent lower than Rs 1,094 crore (Rs 10.94 billion)

in the same period last fiscal, GAIL chairman and managing director B C Tripathi told reporters in New Delhi.

"Our outgo on LPG subsidy increased 39 per cent to Rs 786 crore (Rs 7.86 billion) from Rs 567 crore (Rs 5.67 billion)," he said.

Also, fall in Reliance Industries' eastern offshore KG-D6 fields led to a drop in volumes the company transported, he said.