Gujarat State Petronet (GSPL) Q4 03/04 earnings summary

Executive summary

• FY 2003-04 revenue from operations rose 54.52% YoY to Rs 14,016.41 lacs; profit before tax before prior-period adjustments was Rs 1,676.01 lacs.

• 360 km of the planned ~681 km Phase I gas grid was operational, with gas flowing to industries across Surat, Bharuch, Baroda, Ahmedabad and Kalol.

Financial highlights

• Total income was Rs 14,208.80 lacs vs Rs 9,122.68 lacs in FY 2002-03; total expenditure was Rs 12,532.80 lacs vs Rs 7,974.32 lacs.

• Profit before tax was Rs 1,775.35 lacs after Rs 99.34 lacs of prior-period adjustments; profit after tax was Rs 177.35 lacs.

• Gas transportation income reached Rs 1,401.64 lacs vs Rs 907.11 lacs; gas transportation charges were Rs 478.38 lacs vs Rs 275.10 lacs.

Outlook and guidance

• Signed gas transportation agreements totaled 13.49 MMSCMD; near-term transport volume was expected to reach around 13.29 MMSCMD, as stated in the report.

• Phase I targets ~681 km of pipeline; ongoing and commissioned projects had an estimated total cost of Rs 1,074 crore.

• Mora-Sajod, Kalol-Santej and Ambapur-Gandhinagar sections were among the projects in focus; additional pipeline sections were being advanced across Gujarat.