GAIL India, India’s largest state-owned gas transmission company has recorded 12.70% drop in net profit for the quarter ended March 31, 2009.

During the period under review, the company has posted a net profit of Rs 630 crore as compared to Rs 722 crore in the same period of previous fiscal.

The company has attributed the dip in net profit to lower price realisation and exploration and production cost.

However, company’s turnover during Q4 2008-2009 has witnessed a growth of 24% which stood at Rs 6,104 crore against Rs 4,935 crore in the same quarter previous fiscal.

For the year 2008-09, the company's profit after tax went up by 8% to Rs 2,803 crore, from Rs 2,601 crore in the previous year.

Further, the company’s board has recommended payment of total dividend at the rate of 70 per cent on the enhanced paid-up share capital for FY 2008-09.

Stock of GAIL India closed the day at Rs 282, down 1.52% on Bombay Stock Exchange (BSE). The total volume of shares traded on BSE was 306,942. The stock has touched an intraday high of Rs 288 and a low of Rs 277 on Bombay Stock Exchange (BSE).