Final Results

9 May 2007 07:00

GAIL (India) Limited08 May 2007 Audited Financial Results for the year and quarter ended on 31st March 2007 This is in compliance of the Listing Agreement It is stated that the Board of Directors of the Company in its meeting heldtoday i.e. May 8, 2007 have, inter alia, approved the Audited Financial Resultsof the Company for the year and quarter ended on 31st March, 2007 andrecommended the payment of final dividend @ 20% on the paid-up equity sharecapital of the Company for the Financial Year 2006-07. In this regard, please find enclosed herewith a copy of the Audited FinancialResults of the Company for the year and quarter ended on 31st March 2007, (N.K.NAGPAL) COMPANY SECRETARY GAIL (INDIA) LIMITED AUDITED FINANCIAL RESULTS FOR THE FINANCIAL YEAR ENDED 31ST MARCH, 2007 Rs. in CroresParticulars For Nine For the Quarter ended For the For the Consolidated Results Months Year ended Year ended for the Year ended ended 31.03.2007 31.03.2006 31.03.2007 31.03.2006 31.03.2007 31.03.2006 31.12.2006 (Audited) (Audited) (Audited) (Audited)1 Net Sales/Income from operations 12163.77 3883.41 3659.81 16047.16 14459.41 16542.31 14878.762 Other Income 432.06 112.89 84.41 544.95 455.54 559.10 463.023 Total Expenditure 9768.90 3280.99 2955.38 13049.89 10961.54 13289.22 11156.69 a) Increase/Decrease in stock in trade (46.88) (28.38) 8.36 (75.26) (24.93) (74.47) (24,10) b) Purchase 7092.21 2336.79 2061.84 9429.00 8254.26 9590.34 7971.32 c) Consumption of raw materials 1332.44 452.68 366.28 1785.12 1228.48 1785.12 1635.17 d) Staff Cost 210.69 81.63 52.78 292.32 221.31 304.04 230.66 e) Other expenditure 1180.44 438.27 466.12 1618.71 1282.42 1684.19 1343.644 Interest 84.97 22.11 29.23 107.08 117.30 121.71 134.055 Depreciation 428.25 147.13 139.12 575.38 559.49 621.60 601.886 Profit(+)/ Loss(-) before tax (1+2-3-4-5) 2313.71 546.07 620.49 2,859.78 3276.62 3068.88 3449.167 Provision for Taxation - Current Tax 612.06 176.24 171.03 788.30 916.61 839.11 964.85 - Deferred Tax (8.40) 27.37 38.34 18.97 44.47 38.53 54.80 - Fringe Benefit Tax 4.11 1.65 1.86 5.76 5.47 5.81 5.77 - Excess provisioned tax written back - (339.92) - (339.92) - (339.92) -8 Net Profit (+)/Loss(-)(6-7)1705.94 680.73 409.26 2386.67 2310.07 2525.35 2423.749 Share of Profit/(Loss) in - - - - - 19.97 15.31 Associates10 Profit for the Group (8+9) - - - - - 2545.32 2439,0511 Paid up Equity Share Capital 845.65 845.65 345.65 845.65 845.65 845.65 845.65 (Rs.10/- per share)12 Reserves excluding Revaluation Reserves - - - 10547.26 9127.65 10977.35 9419.9713 EPS - Basic (in Rs.) 20.17 8.05 4.84 28.22 27.32 30.10 28.64 - Diluted (in Rs.) 20.17 8.05 4.84 28.22 27.32 30.10 28.8414 Aggregate of Public Shareholding - No. of shares 310517295 313334121 310477365 313334121 310477365 313334121 310477365 - Percentage of Shareholding 36.72 37.05 36.71 37.05 36.71 37.05 36.71 Segment wise Revenue, Results and Capital Employed for the Financial Year ended 31st March 2007(Rs m Crores) Rs. in CroresParticulars For Nine For the Quarter ended For the For the Consolidated Results Months Year ended Year ended for the Year ended ended 31.03.2007 31.03.2006 31.03.2007 31.03.2006 31.03.2007 31.03.2006 31.12.2006 (Audited) (Audited) (Audited) (Audited) 1 Segment Revenue (Gross Sales/Income) A. TRANSMISSION SERVICES I) NATURAL GAS 1738.26 476.18 563.46 2214.44 2302.04 2214.44 2302.04 II)LPG 252.46 91.50 94.40 343.96 308.18 343.96 308.18 B. NATURAL GAS TRADING 9050.76 2970.08 2549.53 12020.84 10042.99 12281.69 10229.90 C. PETROCHEMICALS 1826.44 743.72 672.90 2570.16 1941.46 2570.16 1941.46 D. LPG AND LIQUID 1636.64 433.21 468.23 2121.85 2201.74 2121.85 2201.74 HYDROCARBONS E. GAILTEL 18.42 6.94 4.47 25.36 18.32 25.36 18.32 F. CITY GAS DISTRIBUTION - - - - - 298.91 277.39 G. UNALLOCATED 411.33 98.38 73.96 509.71 408.18 511.44 414.02 Total 14986.31 4820.01 4426.95 19806.32 17222.91 20367.81 17693.05 Less : Inter-Segment 2031.09 684.43 548.00 2715.52 1891.88 2715.52 1891.88 Revenue Sales/ Income from 12955.22 4135.58 3878.95 17090.80 15331.03 17652.29 15801.17 Operations 2 Segment Results (Profit before Tax and Interest) A. TRANSMISSION SERVICES I) NATURAL GAS 1238.62 276.74 401.05 1515.36 1726.01 1515.36 1726.01 II) LPG 141.97 48.66 49.67 190.63 158.33 190.63 158.33 B. NATURAL GAS TRADING 145.03 49.24 (61.48) 194.27 59.18 249.71 109.90 C. PETROCHEMICALS 653.75 300.76 264.46 954.51 713.93 954.51 713.93 D. LPG AND LIQUID 175.34 (73.19) 24.89 102.15 604.63 102.15 604.63 HYDROCARBONS E. GAILTEL 0.43 0.54 (0.42) 0.97 (1.77) 0.97 (1.77) F. CITY GAS DISTRIBUTION - - - - - 148.14 127.77 Total 2355.14 602.75 678.17 2957.89 3260.31 3161.47 3438.80 Less : Interest 84.97 22.11 29.23 107.08 117.30 121.71 134.05 Less : Other Unallocable (43.54) 34.57 28.45 (8.97) (133.61) (29.12) (144.41) expenditure net off Unallocable Income Total Profit before Tax 2313.71 546.07 620.49 2859.78 3276.62 3068.88 3449.16 3 Capital Employed (SegmentAssets-Segment Liabilities) A. NATURAL GAS 3568.23 3701.13 2756.79 3701.13 2756.79 3980.18 3016.96 TRANSMISSION / TRADING B. LPG TRANSMISSION 1067.16 1050.95 1107.85 1050.95 1107.85 1050.95 1107.85 C. PETROCHEMICALS 1907.02 1912.84 1975.30 1912.84 1975.30 1912.84 1975.30 D. LPG AND LIQUID 1021.80 897.00 937.35 897.00 937.35 897.00 937.35 HYDROCARBONS E. GAILTEL 29.34 47.45 30.78 47.45 30.78 47.45 30.78 F. CITY GAS DISTRIBUTION - - - - - 347.56 282.73 Total 7593.55 7609.37 6808.07 7609.37 6808.07 8235.98 7350.97 Note : - Unallocated Segment includes Power, E&P, Corporate Office, Zonal Offices and GT1 Notes 1 The LPG sales for the year is net of Rs.1488 crores (Previous year : Rs. 1064 crores) towards sharing of under recoveries of sensitive petroleum products in terms of MOP&NG's letter Nos. P-20012/13/2006-PP dated 20.07.2006 and P-20012/28/97-PP (Part - I) (VoL-I) dated 13-10.2006 and 24.01.2007 out of which, Rs. 502 crores (Previous year: Rs. 538 crores) for the quarter ended 31.3.3007 has been provided on provisional basis in the absence of intimation of subsidy from MOP&NG. 2 Final Dividend @ Rs 2/- per Equity share of Rs 10/- each amounting to Rs. 169 crores (excluding dividend tax) during 2006-07 has been recommended subject to approval of members in the AGM, in addition to the Interim Dividend @ Rs. 8.00/- per Equity Shares already paid. The total dividend for the year paid and proposed for the year @ Rs 10/- per equity share works out to Rs 845.65 crore excluding dividend tax. 3 The company had been showing consumption of the value of gas (including transmission charges) for production of polymers, LPG& Liquid hydrocarbon products etc. under Income head of Profit & Loss Account as "Internal consumption" with corresponding debit to 'Raw Material consumption' and 'Power ,Fuel & Water charges' in Expenditure Head as part of "Manufacturing , Transmission, Administration, Selling Expenses". As per the advice received by the company, the company has discontinued the practice of showing "Internal Consumption" under Income head in consonance with spirit of AS 9 on Revenue Recognition issued by with suitable changes in depiction under relevant Expenditure heads. This has no impact on the profit for the year of the company. Company has regrouped the internal consumption, Raw material consumption and Power, Fuel & Water Charges. 4 Investor complaints received and disposed off during Quarter ended March, 2007: (Nos.) A. Complaints pending at the beginning of the Quarter 27 B. Complaints received during the Quarter 59 C. Disposal of Complaints 86 D. Complaints lying unresolved at the end of Quarter NIL 5. Previous period figures have been regrouped/rearranged, wherever necessary. 6. The above results have been taken on record by the Board of Directors in its meeting held on 08.05.2007. 7. The Audited results for the year ended 31.03.2007 are subject to review by the Comptroller and Auditor General of India u/s/619(4) of the Companies Act, 1956. For GAIL (India) LimitedPlace: New Delhi (R. K. Goel)Date: 8th May, 2007 Director (Finance) This information is provided by RNS The company news service from the London Stock Exchange