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GAIL FY09 net up 8% at Rs 2,804 cr

New Delhi, June 13, 2009

GAIL (India) Ltd has recorded sustained performance in key physical and financial parameters in the Financial Year 2008-09, the company said in a release. According to the audited figures, Turnover (net of excise duty) rose by 32 per cent to Rs 23,776 crore from Rs 18,008 crore a year ago.

Profit before tax during 2008-09 was up 9 per cent to Rs 4,204 crore while net profit rose by 8 per cent to Rs 2,804 crore. The release said this was despite LPG subsidy of Rs 1,781 crore against Rs 1,314 crore in the previous year. The gross margin during 2008-09 was up 8 per cent to Rs 4,851 crore.

The Board of Directors has recommended payment of total dividend at the rate of 70 per cent on the enhanced paid-up share capital of the Company for FY 2008-09.

The turnover during Q4 2008-09 increased by 24 per cent to Rs 6,104 crore against Rs 4,935 crore in the same quarter last year. Profit before tax during the quarter Rs 1,004 crore against Rs. 1,098 crore during Q4 of 2007-08. Net profit was Rs 630 crore against Rs 722 crore in the corresponding period last year, mainly due to lower price realization and E&P costs.

As against an MoU target of gas transmission of around 81.5 MMSCMD of natural gas from domestic sources and through LNG route, the company achieved natural gas transmission of 83.29 MMSCMD. Further, GAIL achieved natural gas sales of 79.06 MMSDMC against MoU target of around 70 MMSCMD. The company produced 420 TMT of polymers and 1,401 TMT of LPG and other liquid hydrocarbons against MoU production target of 390 TMT of Polymers (HDPE & LLDPE) and 1,260 TMT of Liquid Hydrocarbons.

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