Gujarat State Petronet (GSPL) Q4 08/09 earnings summary

Executive summary

• FY 2008-09 total income reached ₹511.81 crore; PAT rose 24% YoY to ₹123.41 crore, while reported gas transported declined to 5,428.48 MMSCM from 6,144.91 MMSCM.

• Pipeline grid availability was 100% with accident-free operations; the operating grid spanned ~1,420 km, with 31 MMSCMD currently carried.

Financial highlights

• Total income was ₹511.81 crore versus ₹447.28 crore in FY 2007-08; transportation revenue was ₹487.50 crore versus ₹417.89 crore.

• EBITDA increased 14% YoY to ₹452.23 crore from ₹396.85 crore; PAT increased 24% to ₹123.41 crore from ₹99.92 crore.

• PBT was ₹191.35 crore versus ₹149.15 crore; income statement profit after tax was ₹123.41 crore versus ₹99.92 crore.

Outlook and guidance

• Growth depends on adequate natural gas and R-LNG availability; KG Basin production from April 2009 and potential GSPC and ONGC discoveries were cited as potential supply catalysts.

• Power, fertilizer and domestic distribution demand expected to support gas consumption; expansion plans target opportunities inside and outside Gujarat.

• PNGRB was processing the pipeline authorization application; public consultation had begun.