Gail India, leading State-run gas utility has informed that it has clocked a dip of 26.87% in its net profit for the first quarter ended 30 June 2009.

During the quarter under review, company's net profit figure stood at Rs 655 crore.

In a filing to Bombay Stock Exchange (BSE), the company said that it had recorded a net profit of Rs 896 crore in the similar period last fiscal.

Gail has reported its net sales surged to Rs 6,021 crore during the latest quarter against Rs 5,730 crore in the same quarter a year earlier.

The company authorities stated in a communiqué that Gail has decided to pump Rs 7,500 crore in order to build up two major pipelines in southern India.