Millennium Post

GAIL Q4 profit floats 28% on gas trading, petrochem

State-owned gas utility GAIL India Ltd on Tuesday reported 28 per cent jump in its March quarter net profit on the back of rise in margins from gas trading and higher revenues from petrochemical business.
Its net profit in January-March at Rs 618.18 crore was 27.89 per cent higher than Rs 483.34 crore net profit in the same period a year ago, the company said in a filing to the stock exchanges.

While revenues from natural gas transmission fell to Rs 458.14 crore from Rs 846.32 crore in Q4 of 2011-12 but its income from natural gas trading soared to Rs 10,552.30 crore from Rs 9,121.25 crore previously. Also, revenues from its petrochemical business jumped to Rs 1,203.90 crore from Rs 962.87 crore.

GAIL said it had to shell out Rs 587.18 crore to subsidise domestic cooking gas (LPG) in January-March as compared to Rs 1,397.98 crore in the same period a year ago. The gross margin for the fourth quarter of the FY13 increased by 47% to Rs 1,468 crore  from Rs.997 crore in the corresponding period of last year. The profit before tax for the fourth quarter increased by 56% to Rs. 1,141 crore from Rs. 731 crore.

GAIL also informed that its net sales from LPG and Liquid Hydrocarbons business during the fourth quarter of the current financial year have increased by 308 per cent to Rs. 1,315 crore as against Rs 322 crore in the corresponding period of last year due to the lower contribution to LPG subsidy in comparison to last year.

For the full fiscal, GAIL's LPG subsidy outgo at Rs 2,687.18 crore was lower than Rs 3,182.62 crore in 2011-12. Turnover in January-March rose to Rs 12,470.70 crore from Rs 10,501.33 crore in the same period a year ago.
GAIL said that its consolidated net profit in 2012-13 fiscal at Rs 4316.67 crore was lower than Rs 4400.83 crore in the previous financial year. Profit after tax (PAT) increased by 10% to Rs.4,022 crore in 2012-13 from Rs. 3,654 crore in the previous year.

GAIL’s Board of Directors has recommended payment of total dividend at the rate of 96 per cent on the paid-up share capital of the company for FY13 inclusive of 40 per cent interim dividend already paid.
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