New Delhi: State gas utility GAIL India Ltd on Wednesday reported 38 percent drop in its March quarter net profit because of higher fuel subsidy outgo.

The net profit in January-March at Rs 483 crore was down 38 percent from Rs 783 crore a year ago, GAIL Chairman and Managing Director B C Tripathi said on Wednesday.

"Our subsidy outgo rose 51 percent to Rs 3,183 crore in 2011-12 as against Rs 2,111 crore in the previous year," he said.

Sales rose 18 percent to Rs 8,894 crore.

(Agencies)

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