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State gas utility GAIL India has witnessed a 12.7 per cent drop in net profit at Rs 630.02 crore for the quarter ended 31st March this year due to lower price realisation and exploration and production cost.
The net profit in Q4 was lower than the Rs 722.38 crore in the same period of the previous fiscal, GAIL Chairman and Managing Director U D Choubey said.
The turnover, however, increased 24 per cent to Rs 6,104.31 crore in the month of January-March quarter from Rs 4,935.29 crore earlier.
For the 2008-09 fiscal, the company's profit after tax rose 8 per cent to Rs 2,803.7 crore, from Rs 2,601.46 crore in 2008.
"This is despite increase in GAIL's outgo on LPG subsidies to Rs 1,781 crore as against Rs 1,314 crore in the previous year," he said.
The gross margin during 2008-09 increased by 8 per cent to Rs 4,851 crore from Rs 4,506 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 for FY 2008-09.
Choubey said turnover (net of excise duty) in 2008-09 increased by 32 per cent to Rs 23,775.95 crore from Rs 18,008.20 crore in FY 2007-08.
Choubey also said GAIL plans to invest Rs 5,558 crore during FY 2009-10. Of these, Rs 4,020 crore will be invested in pipeline projects, Rs 650 crore in E&P projects, Rs 285 crore in petrochemicals, Rs 130 crore in business development, Rs 250 crore for equity investment in city gas projects, Rs 200 crore in Dabhol power plant and rest in telecom.
GAIL transmitted 83.29 million standard cubic metres per day of gas while it sold 79.06 mmscmd. GAIL produced 420,000 tonnes polymers and 1.4 million tonnes of LPG and other liquid hydrocarbons.
"Without the subsidy element, the profit before tax would have increased by 16 per cent to Rs 5,985 crore and profit after tax would have increased by 14 per cent to Rs 3,991 crore," he said.
During the 2008-09 fiscal, the revenue from natural gas trading increased 45 per cent to Rs 18,308 crore from Rs 12,648 crore, primarily due to increased volumes and higher gas sales price. The revenue from LPG and liquid hydrocarbons segment moved up 12 per cent to Rs 2,964 crore from Rs 2,641 crore due to better price realisation and increased volumes.
The revenue from natural gas transmission also increased by 10 per cent to Rs 2,482 crore from Rs 2,248 crore due to increase in volume of gas transmitted. The revenue from petrochemicals increased to Rs 2,731 crore from Rs 2,587 crore registering a growth of 6 per cent.
During the year 2008-09, consolidated financial statements of GAIL, incorporating the accounts of subsidiary, JVs and associated companies, have also been prepared.
Based on the consolidated financial statements, the total sales (net of excise duty) of GAIL were Rs 24,659 crore. The consolidated gross margin was Rs 5,231 crore, the profit before tax was Rs 4,281 crore and profit after tax was Rs 2,790 crore.
Natural gas continues to constitute the core business of GAIL. During the year 2008-09, natural gas sales have risen by 14 per cent to 79.06 mmscmd from 69.10 mmscmd in the previous year. The gas transmission has increased to 83.29 mmscmd from 82.10 mmscmd in the previous year.
Choubey said GAIL has set a target of transmitting 94.8 mmscmd of natural gas from domestic sources and through LNG route during FY 2009-10. It also targeting gas marketing target of around 83.2 mmscmd, production of 400,000 tonnes of polymers and 1.26 million tonnes of liquid hydrocarbons.
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