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GAIL India fourth-quarter profit surges nearly four-fold, misses estimates

Reuters
Birds fly past the logo of India's state-owned natural gas utility GAIL (India) Ltd installed on its corporate office building in New Delhi, April 26, 2018. REUTERS/Adnan Abidi/Files (Reuters)

(Reuters) - State-owned gas utility GAIL (India) Ltd's fourth-quarter profit surged nearly four-fold, but missed analysts' expectations.

Profit rose to 10.21 billion rupees ($149.41 million) in the three months ended March 31, from 2.60 billion rupees a year earlier, the company said on Thursday. https://reut.rs/2IGYH8f

That compared with an average estimate of 13.55 billion rupees in profit drawn from 18 analysts, Thomson Reuters data showed.

Revenue from operations rose 12.8 percent to 154.31 billion rupees.

($1 = 68.3350 Indian rupees)

(Reporting by Jessica Kuruthukulangara in Bengaluru; Editing by Subhranshu Sahu)