Gujarat State Petronet (GSPL) Q4 10/11 earnings summary

Executive summary

• FY11 total income rose 5.06% YoY to Rs 1,068.15 crore; PBDIT increased 3.80% to Rs 990.67 crore and PAT rose 22.38% to Rs 506.38 crore.

• Average gas throughput was 35.64 mmscmd; 13,009 mmscm was transported during the year, up 11% YoY, with 99.90% grid availability and zero accidents.

Financial highlights

• Gas transportation income was Rs 1,025.21 crore, up 3% YoY from Rs 991.95 crore; wind-power electricity revenue was Rs 13.89 crore.

• PBT was Rs 765.00 crore versus Rs 626.89 crore; PAT was Rs 506.38 crore versus Rs 413.77 crore.

• EPS was Rs 9.00 basic and Rs 8.97 diluted, versus Rs 7.36 and Rs 7.35, respectively, in FY10.

Outlook and guidance

• Plans called for ~1,102 km of pipeline infrastructure over the next two years; a broader future network expansion of ~3,000 km was subject to statutory approvals.

• Planned a bid for the ~1,500 km Surat–Paradip pipeline and continued development of Gujarat trunk lines and spurs to connect new industrial clusters.

• Transmission network expansion and augmentation were expected to support rising gas demand and inter-state pipeline connections from the Gujarat grid.