Gujarat State Petronet (GSPL) Q4 14/15 earnings summary

Executive summary

• FY2014-15 standalone total income was ₹1,116.60 crore and PAT ₹410.36 crore; gas transported rose 9% YoY to 8,395 mmscm.

• Consolidated PAT increased to ₹486.31 crore from ₹415.79 crore, with EPS of ₹8.64 versus ₹7.39.

• Pipeline grid availability was 100%, with an accident-free operating year; the statutory audit opinion was unqualified.

Financial highlights

• Standalone total income was ₹1,116.60 crore versus ₹1,105.88 crore; PBDITA ₹980.02 crore versus ₹984.06 crore.

• Standalone PBT was ₹660.32 crore versus ₹658.30 crore; PAT ₹410.36 crore versus ₹419.15 crore.

• Standalone revenue from operations was ₹1,064.60 crore; gas transmission revenue was ₹1,023.05 crore and wind-electricity revenue ₹37.51 crore.

• Consolidated total revenue was ₹1,119.85 crore versus ₹1,107.57 crore; consolidated PAT was ₹486.31 crore versus ₹415.79 crore.

Outlook and guidance

• Expansion projects are being developed in response to demand around the gas grid; 366 km of pipeline and a Gana compressor station were under construction.

• The Gana station was planned with one working and one standby compressor, each with 14 mmscmd capacity.

• Authorization for the Amritsar City Gas Distribution network was received on 5 May 2015, with development planned to proceed.

• Three cross-country pipeline projects totaling ~4,291 km are intended to progress over coming years as demand and supply conditions improve.