Mahanagar Gas Ltd reports 30.16 per cent increase in net profit at Rs 99 crore

Mahanagar Gas Ltd (MGL) on Sunday reported 30.16 per cent surge 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 per cent 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 per cent, 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.