Gujarat State Petronet (GSPL) Q4 05/06 earnings summary

Executive summary

• FY05/06 marked the first year after the equity-market debut; the ₹372.60 crore IPO was described as receiving a strong investor response.

• PAT rose to ₹46.68 crore from ₹16.05 crore, while the operating grid expanded to 550 km and maintained 99.6% availability.

Financial highlights

• Net sales from operations were ₹263.47 crore vs ₹203.49 crore; total income was ₹267.93 crore vs ₹205.50 crore, up 30% YoY.

• PBT reached ₹78.41 crore vs ₹29.38 crore; PAT was ₹46.68 crore vs ₹16.05 crore, a reported 191% increase.

• EPS was ₹1.19 vs ₹0.57; depreciation rose to ₹79.06 crore from ₹65.64 crore.

• Net cash from operating activities was ₹2,445.88 million vs ₹1,620.14 million; cash and cash equivalents closed at ₹2,372.04 million.

Outlook and guidance

• Natural-gas demand in Gujarat was projected to increase from 54.1 mmscmd in 2005 to 94.5 mmscmd by 2010, supporting expanded transmission capacity.

• Growth expected from power and fertilizer demand, industrial clusters and domestic distribution; domestic gas and LNG were expected to help meet unmet demand.

• Planned future pipeline routes included Dharod, Rajkot, Jafrabad, Jamnagar, Bhadbhut, Gana, Morbi, Mundra and Baroda–Godhra.