Jan. 23: State-owned GAIL (India) Ltd today posted a 13 per cent rise in net profit at Rs 1,091 crore during the third quarter ended December against Rs 968 crore a year ago.
Growth has been because of three reasons — one, gas trading volumes were higher by 45 million standard cubic meters per day at 85mmscmd. Second, LPG output was higher by 9 per cent and it also realised better price. Thirdly, better price realisation on higher petrochemical output contributed to the higher profit, chairman and managing director B.C. Tripathi said.
Turnover grew 35 per cent to Rs 11,260 crore from Rs 8,365 crore last fiscal.
The firm is betting on imported gas to meet the countrys energy requirements and plans to buy four spot cargoes in the January-March quarter, Tripathi said. To meet domestic demand, the firm is aggressively looking at short- and long-term contracts.
The company is in talks with five to six players, including Macquarie Energy, to source liquefied natural gas.
Aditya Birla Group firm Idea Cellular today reported a nearly 18 per cent dip in consolidated net profit at Rs 201 crore for the quarter ended December because of higher depreciation and financing costs with respect to 3G investments.
Net profit stood at Rs 243 crore in the same quarter last year.
On a standalone basis, net profit fell 26 per cent to Rs 168.7 crore from Rs 221 crore a year earlier.
Total income rose to Rs 4,966.45 crore from Rs 3,929.05 crore last fiscal.
Kotak Mahindra Bank today reported a 21 per cent rise in consolidated net profit at Rs 463 crore for the third quarter ended December against Rs 384 crore in the year-ago period.
Total operating income stood at Rs 2,222.79 crore against Rs 1,609.25 crore during the same period last year.
Net interest margin fell to 4.7 per cent from 5 per cent last year.