Mahanagar Gas Q3 net profit at Rs 69 crore

Gas distribution company Mahanagar Gas Ltd (MGL) reported 30.16% increase in net profit to Rs 99 crore for the third quarter ended December 31, 2016-17, helped by lower expenses.

The company had posted net profit of Rs 76.06 crore in the October-December period of last fiscal.

Its total income from operations, however, fell by 2.04% to Rs 554.34 crore, from Rs 565.93 crore in the year-ago period, Mahanagar Gas Ltd said in a BSE filing.

During the quarter under review, the company's expenses stood at Rs 411.92 crore, down 10.20%, as against Rs 458.74 crore a year ago.

In a separate filing, Mahanagar Gas said its Board of Directors has declared interim dividend of Rs 8 per equity share of Rs 10 each on the equity shares of the company for the financial year 2016-17.

The company's Rs 1,040 crore IPO has hit the market in July 2016.