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GAIL defies global slump to grow 18% in 2012-13

GAIL (India) Ltd Chairman and Managing Director B C Tripathi said on Wednesday that the state-owned firm has once again maintained its ‘Excellent’ performance rating under the memorandum of understanding (MoU) for financial year 2012-13 signed with the Union Government.
Addressing the company's shareholders at

its 29th annual general meeting (AGM), the country's youngest public sector enterprise (PSE) chief pointed out that despite an uncertain global and national economic environment, the natural gas giant achieved a record turnover of Rs 47,333 crore in fiscal 2012-13, registering a growth of 18 per cent against the previous financial year's (2011-12) figure.
The net profit of GAIL (India) Ltd, which is one of the country's seven Maharatna PSEs, too increased by 10 per cent to reach Rs 4,022 crore in 2012-13.

He attributed the hydrocarbon multinational company's sustained impressive financial performance to an increase in natural gas trading and better sales realisation in the petrochemicals and liquid hydrocarbon business.

Maintaining a consistent dividend payment record, the GAIL Board of Directors has recommended the highest ever dividend payment of 96 per cent for 2012-13. Earnings per share increased from Rs 29 per share in 2011-12 to Rs 32 per share in 2012-13.
GAIL added 1,300 km of new gas pipelines to its network during 2012-13, increasing its total pipeline network to 10,700 km and transport capacity to 210 mmscmd gas.

With the commissioning of two new pipelines — Dabhol-Bengaluru and Kochi-Koottanad-Mangalore/ Bengaluru Phase-I — the company has entered new markets in the states of Karnataka, Goa and Kerala.
Tripathi also pointed out that the commissioning of the Petronet LNG Ltd (PLL) liquefied natural gas (LNG) terminal at Kochi would serve customers in Kerala.

The year 2013 began with the successful commissioning of the Dabhol LNG terminal at Ratnagiri, Maharashtra, which will serve as the gateway for supply of natural gas to the country’s southern and western parts.
'Your company will be the commercial operator of the terminal for the next 25 years. GAIL has also entered into an understanding with Petronet LNG Ltd for reserving 2.5-mmtpa exclusive capacity in the planned expansion of the Dahej LNG terminal to meet the country's fast increasing gas demand,' informed Tripathi.

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