GAIL reported 3% growth in net profit for 2011-12; PAT drops by 38% in Q4

NEW DELHI: State-run gas utility Gail India has reported 3% growth in its net profit at Rs 3,654 crore in 2011-12 because of higher fuel subsidy burden, chairman & managing director BC Tripathi said.

Company's net profit in the fourth quarter ended Mar 31 dropped by 38% at Rs 483 crore from Rs 783 crore a year ago, he told reporters.

"Without subsidy we would have posted a 17% growth in net profit. Our subsidy contributions jumped by 51% to Rs 3,183 crore in 2011-12," he said. Gail supplies liquefied petroleum gas to state fuel retailers at a discount to insulate consumers from steep rise in cooking gas rates.