Last checked at 13 May 2008 15:40
RNS Number : 2884U
GAIL (India) Limited
13 May 2008
To RNS
Sub.: Audited Financial Results for the year and quarter ended on 31st March, 2008
This is in compliance of the Listing Agreement.
It is stated that the Board of Directors of the Company in its meeting held today i.e. May 13, 2008 have, inter-alia, approved the Audited Financial Results of the Company for the quarter/ year ended on 31st March, 2008 and recommended the payment of final dividend @ 60% on the paid-up equity share capital of the Company for the Financial Year 2007-08, if any, subject to approval of shareholders in the Annual General Meeting.
In this regard, please find enclosed herewith a copy of the Audited Financial Results of the Company for the quarter/year ended on 31st March, 2008.
From
N.K. Nagpal Company Secretary
GAIL (INDIA) LIMITED
AUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2008
Rs. in Crores
| | Particulars | For the Quarter ended | For the | For the | Consolidated Results | ||
| | | | | Year ended | Year ended | for the year ended | |
| | | 31.03.2008 | 31.03.2007 | 31.03.2008 | 31.03.2007 | 31.03.2008 | 31.03.2007 |
| | | | | (Audited) | (Audited) | (Audited) | (Audited) |
| 1 | Net Sales/Income from operations | 4,935.29 | 3,883.41 | 18,008.20 | 16,047.13 | 18,837.31 | 16,542.31 |
| 2 | Other Income | 99.66 | 112.89 | 556.35 | 544.95 | 574.05 | 559.10 |
| 3 | Total Income (1+2) | 5,034.95 | 3,996.30 | 18,564,55 | 16,592.13 | 19,411.36 | 17,101.41 |
| 4 | Expenditure | | | | | | |
| | a) (Increase) / Decrease in stock in trade | (82.13) | (28.38) | (29.88) | (75.26) | (29.28) | (74.47) |
| | b) Consumption of raw materials | 360.70 | 338.08 | 1,714.84 | 1,785.12 | 1,714.84 | 1,785.12 |
| | c) Purchase | 2,889.02 | 2,451.39 | 10,200.66 | 9,429.00 | 10,320.36 | 9,590.34 |
| | d) Employees Cost | 220.32 | 91.45 | 470.01 | 302.46 | 501.99 | 317.29 |
| | e) Depreciation | 142.47 | 147.13 | 571.02 | 575.38 | 662.71 | 621.60 |
| | f) Other expenditure | 387.42 | 428.45 | 1,703.33 | 1,608.57 | 1,989.09 | 1,670.94 |
| | g) Total | 3,917.80 | 3,428.12 | 14,629.98 | 13,625.27 | 15,159.71 | 13,910.82 |
| 5 | Interest | 19.53 | 22.11 | 79.57 | 107.08 | 149.33 | 121.71 |
| 6 | Exceptional Items | - | - | - | - | - | - |
| 7 | Profit(+)/ Loss(-) from Ordinary Activities before tax | 1,097.62 | 546.07 | 3,855.00 | 2,859.78 | 4,102.32 | 3,068.88 |
| | (3)-(4+5+6) | | | | | | |
| 8 | Provision for Taxation - Current Tax | 430.93 | 176.24 | 1,244.98 | 788.30 | 1,328.69 | 839.11 |
| | - Deferred Tax | (57.60) | 27.37 | 1.02 | 18.97 | 4.74 | 38.53 |
| | - Fringe Benefit Tax | 1.91 | 1.65 | 7.54 | 5.76 | 7.73 | 5.81 |
| | Excess provision of tax written back | - | (339.92) | - | (339.92) | - | (339.92) |
| 9 | Net Profit (+)/Loss(-) from Ordinary Activities after | 722.38 | 680.73 | 2,601.46 | 2,386.67 | 2,761.16 | 2,525.35 |
| | tax 7-8) | | | | | | |
| 10 | Extraordinary items (net of tax expense) | - | - | - | - | - | - |
| 11 | Net Profit (+)/Loss(-) for the period (9+10) | 722.38 | 680.73 | 2,601.46 | 2,386.67 | 2.761.16 | 2,525.35 |
| 12 | Share of Profit / (Loss) in Associates | - | - | - | - | 21.74 | 19.97 |
| 13 | Profit for the Group (11+12) | - | - | - | - | 2,782.90 | 2,545.32 |
| 14 | Paid up Equity Share Capital | 845.65 | 845.65 | 845.65 | 845.65 | 845.65 | 845.65 |
| | (Rs.10/- per share) | | | | | | |
| 15 | Reserves excluding Revaluation Reserves | - | - | 12,159.23 | 10,547.26 | 12,706.90 | 10,977.35 |
| 16 | Earnings Per Share (EPS) (in Rs.) | | | | | | |
| | (a) Basic & Diluted EPS before Extraordinary items | 8.54 | 8.05 | 30.76 | 28.22 | 32.91 | 30.10 |
| | (a) Basic & Diluted EPS after Extraordinary items | 8.54 | 8.05 | 30.76 | 28.22 | 32.91 | 30.10 |
| 17 | Aggregate of Public Shareholding | | | | | | |
| | - No. of shares | 330,475,037 | 313,334,121 | 330,475,037 | 313,334,121 | 330,475,037 | 313,334,121 |
| | - Percentage of Shareholding | 39.08 | 37.05 | 39.08 | 37.05 | 39.08 | 37.05 |
| | |||||||
Segment wise Revenue, Results and Capital Employed for the Financial Year ended 31st March 2005
(Rs in Crores)
| | PARTICULARS | For the quarter ended | For the Year ended 31.03.2008 (Audited) | For the Year ended 31.03.2007 (Audited) | Consolidated Results For the year ended | |||
| | | 31.03.2008 | 31.03.2007 | 31.03.2008 (Audited) | 31.03.2007 (Audited) | |||
| 1 | Segment Revenue (Net Sales/Income) | | | | | | | |
| | A. | TRANSMISSION SERVICES | | | | | | |
| | | I) NATURAL GAS | 576.15 | 476.18 | 2,286.49 | 2,214.44 | 2,286.49 | 2,214.44 |
| | | II) LPG | 107.91 | 91.50 | 389.31 | 343.96 | 389.31 | 343.96 |
| | B. | NATURAL GAS TRADING | 3,380.16 | 2,970.08 | 12,657.73 | 12,020.84 | 12,979.27 | 12,281.69 |
| | C. | PETROCHEMICALS | 746.70 | 637.57 | 2,591.15 | 2,204.04 | 2,591.15 | 2,204.04 |
| | D. | LPG AND LIQUID HYDROCARBONS | 789.78 | 400.54 | 2,661.39 | 1,990.64 | 2,661.39 | 1,990.64 |
| | E. | GAILTEL | 7.17 | 6.94 | 28.55 | 25.36 | 28.55 | 25.36 |
| | F. | CITY GAS DISTRIBUTION | - | - | - | - | 500.66 | 246.70 |
| | G. | UNALLOCATED | 105.46 | 97.92 | 506.35 | 508.37 | 807.71 | 510.10 |
| | | Total | 5,713.33 | 4,680.73 | 21,120.97 | 19,307.65 | 22,244.53 | 19,816.93 |
| | | | | | | | | |
| | | Less : Inter- Segment Revenue | 678.38 | 684.43 | 2,556.42 | 2,715.52 | 2,833.17 | 2,715.52 |
| | | | | | | | | |
| | | Sales / Income from Operations | 5,034.95 | 3,996.30 | 18,564.55 | 16,592.13 | 19,411.36 | 17,101.41 |
| | | | | | | | | |
| | | | | | | | | |
| 2 | | Segment Results (Profit before Interest and Tax) | | | | | | |
| | A. | TRANSMISSION SERVICES | | | | | | |
| | | I) NATURAL GAS | 375.52 | 276.74 | 1,553.48 | 1,515.36 | 1,553.48 | 1,515.36 |
| | | II) LPG | 68.77 | 48.66 | 231.84 | 190.63 | 231.84 | 190.63 |
| | B. | NATURAL GAS TRADING | 69.15 | 49.24 | 204.40 | 194.27 | 293.80 | 249.71 |
| | C. | PETROCHEMICALS | 362.83 | 300.76 | 1,254.23 | 954.51 | 1,252.82 | 954.51 |
| | D. | LPG AND LIQUID HYDROCARBONS | 353.30 | (73.19) | 900.43 | 102.15 | 900.43 | 102.15 |
| | E. | GAILTEL | 0.40 | 0.54 | 3.11 | 0.97 | 3.11 | 0.97 |
| | F. | CITY GAS DISTRIBUTION | - | - | - | - | 175.18 | 148.14 |
| | G. | UNALLOCATED | (112.82) | (34.57) | (212.92) | 8.97 | (159.01) | 29.12 |
| | | Total | 1,117.15 | 568.18 | 3,934.57 | 2,966.86 | 4,251.65 | 3,190.59 |
| | | | | | | | | |
| | | Less: Interest | 19.53 | 22.11 | 79.57 | 107.08 | 149.33 | 121.71 |
| | | | | | | | | |
| | | Less : Other Unallocable expenditure net off Unallocable Income | - | - | - | - | - | - |
| | | | | | | | | |
| | | Total Profit before Tax | 1,097.62 | 546.07 | 3,855.00 | 2,859.78 | 4,102.32 | 3,068.88 |
| | | | | | | | | |
| | | | | | | | | |
| 3 | | Capital Employed (Segment Assets - Segment Liabilities) | | | | | | |
| | A. | NATURAL GAS TRANSMISSION/ TRADING | 5,416.15 | 3,701.13 | 5,416.15 | 3,701.13 | 5,648.23 | 3,980.18 |
| | B. | LPG TRANSMISSION | 988.31 | 1,050.95 | 988.31 | 1,050.95 | 988.31 | 1,050.95 |
| | C. | PETROCHEMICALS | 2,002.07 | 1,912.84 | 2,002.07 | 1,912.84 | 2,070.63 | 1,912.84 |
| | D. | LPG AND LIQUID HYDROCARBONS | 1,035.22 | 897.00 | 1,035.22 | 897.00 | 1,035.22 | 897.00 |
| | E. | GAILTEL | 37.32 | 47.45 | 37.32 | 47.45 | 37.32 | 47.45 |
| | F. | CITY GAS DISTRIBUTION | - | - | - | - | 380.73 | 347.56 |
| | G. | UNALLOCATED | 3,803.83 | 3,039.28 | 3,803.83 | 3,039.28 | 5,328.99 | 2,979.86 |
| | | Total | 13,282.90 | 10,648.65 | 13,282.90 | 10,648.65 | 15,489.43 | 11,215.84 |
| | | | | | | | | |
Note :- Unallocated Segment Includes Corparate Office, Zonal Offices GTI, E&P, Power & City Gas In standalone. However, in consolidated results, city gas is a separate segament
Notes
1. The audited financial results were reviewed by the Audit Committee and approved by the Board of Directors at its respective meetings held on 13th May 2008.
2. In terms of the decision of the Government of India, the Company has shared Rs.387.24 Crores for the quarter ended 31st March 2008 (Previous year quarter: Rs. 502 Crores) which is on provisional basis in terms of letter no- P-20012/28/97-99 Vol.II (Part-II) Dated 28th March 2008 and Rs.1314 Crores for the year ended 31st March 2008 (Previous period : Rs.1488 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. Final Dividend @ Rs. 6/- per Equity Share of Rs.10/- each amounting to Rs.507.39 Crores (excluding dividend Tax) during 2007-08 has been recommended subject to approval of members in the AGM, in addition to the Interim Dividend @ Rs. 4/- per Equity Share already paid. The total dividend paid and proposed for the year @ Rs.10/- per Equity share works out to Rs.845.65 crores excluding dividend tax.
4. The Pay Revision of the employees of the company is due w.e.f 1st January 2007. Pending pay revision by the Government of India, a sum of Rs. 105 crores (Previous period : Nil) has been provided during the quarter ended 31.03.2008 and Rs.130.71 Crores including Rs.25.71 Crores adhoc payment (Previous year : Nil) for the year ended 31st March 2008 under employees cost on estimated basis for the period from 1st Jan 2007 to 31st March 2008.
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. 8.05 crores for the quarter ended 31st March 2008 and Rs. 11.53 Crores for the year 2007-08 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 company has adopted Accounting Standard 15 (Revised 2005) - 'Employees Benefits' with effect from current financial year. The transitional liability as on 1st April 2007 arising due to the adoption of AS 15 (Revised 2005) amounting to Rs.20.47 Crores has been charged to Profit & Loss Account.
7. Other expenditure includes Rs,13.59 crores for the quarter ended 31stt March 2008 (Previous year quarter: Rs.60.88 Crores) and Rs.284.59 Crores for the year 2007-08 (Previous year: Rs.241.88 Crores) on account of Dry well Expenditure in Exploration & Production (E&P) business.
8. Consequent upon deletion of accounting policy related to yearly reconciliation of natural gas within a limit of + /(-) 1%, value of excess liability amounting to Rs.16.49 Crores pertaining to previous years has been considered as Miscellaneous Income during the year.
9. There were one investors' complaint pending at the beginning of the quarter, fourteen complaints were received, fifteen complaints were resolved and no complaints were pending at the close of the quarter.
10.Previous period figures have been regrouped / rearranged, wherever required.
11. The Audited results for the year ended 31stt March 2008 are subject to review by the Comptroller and Auditor General of India u/s 619 (4) of the Companies Act,1956.
For GAIL (India) Limited
Place: New Delhi (R. K. Goel)
Date: 13.05.2008 Director (Finance)
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