Gail (India) Ltd., India's largest gas transmission and marketing company, reported a higher stand-alone net profit for the fourth-quarter, mainly driven by lower discounts to state-run fuel retailers on LPG sales and increased income.
Stand-alone Results
The New Delhi-based company posted a fourth-quarter stand-alone net profit of Rs.618.18 crore or Rs.4.87 per share, higher by 28 percent than the Rs.483.34 crore or Rs.3.81 per share in the year-ago quarter.
Its quarterly net income from operations increased by 19 percent to Rs.12,408.58 crore from the Rs.10,454.56 crore for the quarter ended March 31 last year, while other operating income amounted to Rs.62.12 crore, compared with Rs.46.77 crore for the same period last year.
During the quarter, net income from 'Natural Gas Trading' segment grew by 16 percent to Rs.10,552.30 crore from Rs.9,121.25 crore in the previous year quarter, while that of 'Petrochemicals' amounted to Rs.1,203.90 crore, up by 25 percent from the Rs.962.87 crore in the corresponding quarter last year.
Income from 'LPG and Liquid Hydrocarbons' for the quarter galloped more than four-fold to Rs.1,314.73 crore from the Rs.322.25 crore in the prior-year quarter, whereas income from 'Natural Gas Transmission' segment fell by 46 percent to Rs.458.14 crore from Rs.846.32 crore for the quarter ended March last year.
Income from 'LPG Transmission' for the quarter was Rs.103.47 crore, down by five percent from the Rs.108.60 crore in the previous year quarter. Income for the quarter from 'Others' amounted to Rs.42.25 crore, compared with Rs.41.55 crore in the year-ago quarter.
For the quarter, the company shared Rs.58,718 crore toward under recoveries of Oil Marketing Companies by allowing discount in the prices of domestic LPG, compared with Rs.139,798 crore in the corresponding period in the preceding year.
During the quarter, natural gas transmission was 99.49 mmscmd, down by 14 percent from 115.62 mmscmd last year, while LPG transmission fell by 15 percent to 745 TMT from 879 TMT during the corresponding quarter in the preceding fiscal year.
For the fiscal year, GAIL's stand-alone net profit stood at Rs.4,022.20 crore, compared with Rs.3,653.84 crore an year ago, an increase of ten percent. Net income from operations and other operating income totaled Rs.47,522.69 crore, up by 18 percent from the Rs.40,440.76 crore in FY12.
For April-March 2013 period, the company shared Rs.268,718 crore toward under recoveries of Oil Marketing Companies by allowing discount in the prices of domestic LPG, compared with Rs.318,262 crore in the corresponding period in the preceding year.
Consolidated Results
For the full year, GAIL's consolidated net profit, after minority interest and share of associates, was down by two percent to Rs.4,373.60 crore from the Rs.4,443.61 crore an year ago. Net income from operations and other operating income amounted to Rs.51,094.43 crore, compared with Rs.44,224.95 crore, an increase of 16 percent.
Its Board recommended a final dividend of 56 percent or Rs.5.60 on equity shares of Rs.10 for the fiscal year 2013.
Gail (India) share at the BSE closed Tuesday's trading at Rs.326.55, up Rs.0.75 or 0.23 percent on a volume of 228,000 shares.
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