GAIL posts 13% rise in Q3 net at Rs 1,091 cr

Helped by higher sales, state-owned gas company, GAIL (India) Ltd has posted a 13% increase in its net profit at Rs 1,091 crore in the third quarter of the current financial year as compared to Rs 968 crore in the corresponding quarter last fiscal.

Helped by higher sales, state-owned gas company, Gail (India) Ltd has posted a 13% increase in its net profit at Rs 1,091 crore in the third quarter of the current financial year as compared to Rs 968 crore in the corresponding quarter last fiscal.

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Net sales stood at Rs 11,260 crore, an increase of 35% over the Rs 8,365 crore turnover recorded in the corresponding period of the previous fiscal.

Gail chairman and managing director BC Tripathi said the company has plans to spend around Rs 9,000 crore as capital expenditure during 2012-13.

The company, which has already set up a gas trading desk in Singapore recently, is in talks with leading suppliers of LNG for importing gas (both as spot cargoes as also through long term contracts) for the Indian markets.

Tripathi also said that the company plans to buy four spot cargoes before the end of this fiscal.