Gujarat State Petronet (GSPL) Q4 11/12 earnings summary

Executive summary

• FY2011-12 standalone total income rose 9.97% to ₹1,174.63 crore and PBDITA rose 9.47% to ₹1,084.57 crore; PAT reached ₹522.06 crore, up 3%.

• Expansion advanced through financial closure and JV agreements for three cross-country pipelines; commissioning was expected by 2014-15.

Financial highlights

• Standalone revenue from operations was ₹1,123.28 crore versus ₹1,046.52 crore; gas transportation income was ₹1,076.46 crore, up 5% YoY.

• Standalone EBITDA was ₹1,084.57 crore versus ₹990.77 crore; PAT was ₹522.06 crore versus ₹506.38 crore.

• Consolidated total revenue was ₹1,172.15 crore; profit for the year including associate profit was ₹544.95 crore versus ₹548.62 crore.

• Net worth increased to ₹2,466.68 crore from ₹2,006.33 crore; gross block rose to ₹4,322.46 crore from ₹4,193.53 crore.

Outlook and guidance

• Three cross-country projects totaling ~3,995 km were expected to be commissioned by 2014-15, serving markets across eight states.

• Future Gujarat grid expansion and augmentation were planned in response to regional demand and new inter-state pipeline flows.

• Gas grid utilization was expected to improve with increased supply from LNG receiving terminals in Gujarat and new pipeline connections.