Gujarat State Petronet (GSPL) Q4 09/10 earnings summary

Executive summary

• FY10 total income rose 98.65% YoY to ₹1,016.72 crore; EBITDA increased 111.62% to ₹957.28 crore and PAT rose 235.28% to ₹413.77 crore. Gas transported reached 11,673 mmscm, up 115% YoY.

• Pipeline grid availability was maintained through an accident-free year; the network covered approximately 1,666 km, with average gas transportation of 37 mmscmd.

Financial highlights

• Total income was ₹1,016.72 crore vs ₹511.81 crore in FY09; gas transportation income was ₹991.95 crore vs ₹487.50 crore.

• EBITDA was ₹957.28 crore vs ₹452.36 crore; PBT was ₹626.89 crore vs ₹191.35 crore; PAT was ₹413.77 crore vs ₹123.41 crore.

• Depreciation increased to ₹236.49 crore from ₹170.49 crore as gross fixed assets grew to ₹3,325.49 crore from ₹2,421.18 crore.

Outlook and guidance

• Approximately 1,100 km of pipeline construction was expected over the next 2–3 years; further spur lines were planned to reach uncovered industrial clusters and medium-sized customers.

• Bidding was underway for more than 5,675 km of pan-India pipelines; bids had been invited for Mallavaram–Bhilwara, Mehsana–Bhatinda and Bhatinda–Jammu–Srinagar routes.

• The remaining 46.5 MW of the 52.5 MW wind project was expected online during FY11.