GAIL (India) (GAIL) Q4 00/01 earnings summary

Executive summary

• FY2000-01 sales, including LPG transportation charges, reached ₹9,197.44 crore; profit after tax rose to ₹1,126.17 crore from ₹861.27 crore.

• Operating and sales volumes advanced across natural gas, LPG, propane/pentane/SBP solvents, and polymers; major pipeline projects were commissioned or advanced.

Financial highlights

• Sales including LPG transportation charges were ₹9,197.44 crore vs ₹7,710.17 crore; total revenue was ₹9,339 crore vs ₹7,799 crore.

• Profit before tax was ₹1,552.21 crore vs ₹1,031.27 crore; profit after tax was ₹1,126.17 crore vs ₹861.27 crore.

• EBITDA from operations was ₹2,350 crore vs ₹1,627 crore; gross margin was ₹2,349.98 crore vs ₹1,686.84 crore.

• The proposed dividend was 40% of paid-up capital; dividend recorded for the year was ₹338.26 crore, excluding corporate dividend tax.

Outlook and guidance

• Dahej LNG imports were expected to begin by early 2004; the terminal would supply a major share of marketed gas and transmission services to Petronet partners.

• The proposed 600-km Vizag–Secunderabad LPG pipeline was approved at ₹490 crore, with completion targeted within 30 months after the transport agreement is signed.

• Construction of a 200-km pipeline to supply 1.12 MMSCMD to the LANCO power project was underway, at an estimated cost of ₹300 crore.

• Gas demand studies and state cooperation agreements were intended to support pipeline planning and a conceptual National Gas Grid linking supply sources with markets.