GAIL India net profit drops 10 per cent

Gas Authority of India's (GAIL) net profit for the second quarter of financial year 2012/13 declined 10 per cent to Rs 985 crore, compared to the same period a year ago.

The topline grew 17.1 per cent over the corresponding quarter last year to Rs 11,361 crore. Other income rose to Rs 236.8 crore for the July-September quarter from Rs 116 crore a year ago.

Bhavesh Chauhan, a Senior Research Analyst at Angel Broking, said the results were disappointing. Angel Broking was expecting sales to touch Rs 12,196 crore.

"The results were poor due to a lower than expected performance by the LPG transmission segment which had a revenue writeback of Rs 123 crore due to a revision in the pipeline tariff," he added.