State gas utility GAIL India Ltd on Wednesday reported a 59 per cent dip in its net profit to Rs 253 crore in the third quarter ending December 31, 2008, on more than doubling of LPG subsidy payouts.

GAIL net profit in the October-December period stood at Rs 253.36 crore as against Rs 621.32 crore a year ago, a company statement said here.