31st Jan 2008 15:34
GAIL (India) Limited31 January 2008 To RNS RE: Un-audited Financial Results for the quarter ended on 31st December, 2007 Below is the un-audited financial results of the Company for the quarter ended on 31st December 2007, as approved by the Board of Directors in its Meeting heldtoday 31st January 2008. From GAIL (India) Limited UNAUDITED FINANCIAL RESULTS(PROVISIONAL) FOR THE QUARTER ENDED 31ST DECEMBER, 2007 Rs. in Crores------------------------------------------------------------------------------------------------------------------ For the Quarter ended For Nine Months ended For the -------------------------------------------------------------- Year ended 31.12.2007 31.12.2006 31.12.2007 31.12.2006 31.03.2007 (Audited)------------------------------------------------------------------------------------------------------------------1 Net Sales /Income from operations 4,298.33 4,378.37 13,072.91 12,163.77 16,047.18 2 Other Income 184.82 184.63 456.69 432.06 544.95 3 Total Income (1+ 2) 4,483.15 4,563.00 13,529.60 12,595.83 16,592.13 4 Expenditure a) (Increase)/ Decrease in stock in trade 54.66 58.83 52.25 (46.88) (75.26) b) Consumption of raw materials 472.46 590.47 1,354.14 1,447.04 1,785.12 c) Purchase 2,419.03 2,292.63 7,311.64 6,977.61 9,429.00 d) Employees Cost 98.54 65.23 249.69 211.01 292.32 e) Depreciation 138.69 143.87 428.55 428.25 575.38 f) Other expenditure 381.38 507.08 1,332.40 1,180.12 1,618.71 g) Total 3,564.76 3,658.11 10,728.67 10,197.15 13,625.27 5 Interest 19.55 27.05 60.04 84.97 107.086 Exceptional items - - - - -7 Profit(+)/Loss(-) from Ordinary Activities before tax (3)-(4+5+6) 898.84 877.84 2,740.89 2,313.71 2,859.788 Provision for Taxation - Current Tax 241.50 213.84 814.05 612.06 788.30 - Deferred Tax 34.63 (3.40) 58.62 (8.40) 18.97 - Fringe Benefit Tax 1.39 1.94 5.63 4.11 5.76 Excess provision of tax written back - - - - (339.92)9 Net Profit(+)/Loss(-) from Ordinary Activities after tax (7-8) 621.32 665.46 1,862.59 1,705.94 2,386.6710 Extraordinary items - - 16.49 - -11 Net Profit(+)/Loss(-) for the period (9+10) 621.32 665.46 1,879.08 1,705.94 2,386.6712 Paid up Equity Share Capital (Rs.10/- per share) 845.65 845.65 845.65 845.65 845.6513 Reserves excluding Revaluation Reserves - - - - 10,547.2614 Earnings Per Share (EPS)(in Rs.) (a) Basic & Diluted EPS before Extraordinary items 7.35 7.87 22.03 20.17 28.22 (b) Basic & Diluted EPS after Extraordinary items 7.35 7.87 22.22 20.17 28.22 15 Public Shareholding - No. of shares 325,163,945 310,517,295 325,163,945 310,517,295 313,334,121 - Percentage of Shareholding 38.45 36.72 38.45 36.72 37.05 ------------------------------------------------------------------------------------------------------------------ Segment wise Revenues, Results and Capital Employed for the Quarter ended 31st December 2007 ------------------------------------------------------------------------------------------------------------------ PARTICULARS For the Quarter ended For Nine Months ended For the -------------------------------------------------------------- Year ended 31.12.2007 31.12.2006 31.12.2007 31.12.2006 31.03.2007 (Audited)------------------------------------------------------------------------------------------------------------------ 1 Segment Revenue (Net Sales/income) A. TRANSMISSION SERVICES I) NATURAL GAS 602.16 641.25 1,710.34 1,738.26 2,214.44 II) LPG 99.55 99.37 281.40 252.46 343.96B. NATURAL GAS TRADING 3,112.01 3,149.41 9,277.57 9,050.76 12,020.84 C. PETROCHEMICALS 537.81 623.89 1,844.45 1,566.47 2,204.04 D. LPG AND LIQUID HYDROCARBONS 527.83 593.82 1,871.61 1,590.10 1.990.64E. GAILTEL 7.03 7.07 21.38 18.42 25.36F. UNALLOCATED 157.14 176.04 400.89 410.45 508.37 Total 5,043.53 5,290.85 15,407.64 14,626.92 19,307.65 Less: Inter-Segment Revenue 560.38 727.85 1,878.04 2,031.09 2,715.52------------------------------------------------------------------------------------------------------------------Net Sales/Income from Operations 4,483.15 4,563.00 13,529.60 12,595.83 16,592.13------------------------------------------------------------------------------------------------------------------ 2 Segment Results (Profit before Tax and Interest) A. TRANSMISSION SERVICES I) NATURAL GAS 414.10 454.77 1,161.47 1,238.62 1,515.36 II) LPG 56.45 60.26 163.07 141.97 190.63B. NATURAL GAS TRADING 40.23 56.34 135.25 145,03 194.27 C. PETROCHEMICALS 228.82 277.45 891.40 653.75 954.51D. LPG AND LIQUID HYDROCARBONS 125.20 90.48 547.13 175.34 102.15E. GAILTEL 0.82 0.05 2.71 0.43 0.97F. UNALLOCATED 52.77 (34.46) (100.10) 43.54 8.97 Total 918.39 904.89 2,800.93 2,398.68 2,966.86 Less: Interest 19.55 27.05 60.04 84.97 107.08Less: Other Unallocable expenditure net off Unallocable Income - - - - -------------------------------------------------------------------------------------------------------------------Total Profit before Tax 898.84 877.84 2,740.89 2,313.71 2,859.78------------------------------------------------------------------------------------------------------------------ 3 Capital Employed (Segment Assets - Segment Liabilities) A. NATURAL GAS TRANSMISSION/ TRADING 5,239.48 3,568.23 5,239.48 3,568.23 3,701.13 B. LPG TRANSMISSION 996.66 1,067.16 996.66 1,067.16 1,050.95C. PETROCHEMICALS 2,033.05 1,907.02 2,033.05 1,907.02 1,912.84 D. LPG AND LIQUID HYDROCARBONS 935.71 1,021.80 935.71 1,021.80 897.00 E. GAILTEL 40.69 29.34 40,69 29.34 47.45F. UNALLOCATED 4,109.95 3,607.47 4,109.95 3,607.47 3,039.28------------------------------------------------------------------------------------------------------------------Total 13,355.54 11,201.02 13,355.54 11,201.02 10,648.65------------------------------------------------------------------------------------------------------------------ Notes 1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors at its respective meetings held on 31st January 2008 and a Limited Review of the same has been carried out by the Statutory Auditors of the company. 2. In terms of the decision of the Government of India, the Company has shared Rs.367.50 Crores for the quarter ended 31st December 2007 (Previous quarter: Rs.315 crores) and Rs.926.50 crores for the nine months ended 31st December 2007 (Previous period : Rs.986 crores), on account of under recoveries of Oil Marketing Companies by allowing discount in the prices of domestic LPG based on the rates of discount communicated by Petroleum Planning and Analysis Cell. 3. The Board of Directors had declared an interim dividend of Rs.4/- per share (40%) amounting to Rs.338.26 crores in its meeting held on 17th December 2007 which has since been paid. 4. The Pay Revision of the officers and staff is due from 1st January 2007. Pending finalization, dues to employees being unascertainable, no provision has been made in the accounts except to the extent of pro rata Adjustable Advance of Rs.25.71 crores. 5. Pursuant to the adoption of accounting standards as prescribed by Companies (Accounting Standards) rules, 2006 issued by Ministry of Corporate Affairs vide notification no. GSR 739 (e) dated 7th December 2006 as required by AS - 11 on "The effect of changes in foreign exchanges rates" the company has recognized net gain arising on account of foreign exchange difference amounting to Rs.3.48 crores for nine months and Rs.3.10 crores for the quarter, ended 31st December 2007 in the profit and loss account relating to acquisition of fixed assets. Had there been no change, the same would have been adjusted against the carrying amount of fixed assets. Consequently, net profit is higher to that extent. 6. The financial impact, if any, pursuant to the Accounting Standards (AS) -15 (Revised) issued by Institute of Chartered Accountants of India, mandatory w.e.f. 1st April 2007 shall be taken into account by the year end. 7. Other expenditure includes Rs.14 crores for the quarter ended 31st December 2007 (Previous quarter: Rs.176 Crores) and Rs.271 crores for the nine months ended 31st December 2007 (Previous period : Rs.181 crores) on account of Dry well Expenditure in Exploration & Production (E&P) business. 8. Major capitalization of Rs.1895 crores has been made during the period ended 31st December 2007 on account of new pipelines (mainly Dahej Uran Pipeline, Dhabhol Panvel Pipeline, Jagoti Indore Pithampur Pipeline, etc) and Petrochemical Plant Expansion at Pata. 9. Information on investor complaints pursuant to Clause 41 of Listing Agreement for the quarter ended 31st December 2007: -------------------------------------------------------------------------------- Opening Balance Additions Disposal Closing Balance--------------------------------------------------------------------------------No. of complaints 0 18 17 1-------------------------------------------------------------------------------- 10. Previous period figures have been regrouped/rearranged, where necessary. For GAIL (India) Limited (R.K. Goel) Director (Finance) Place: New Delhi Date: 31.01.2008 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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