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Gail: Inert topline

Jan 21, 2004

Gail, the largest natural gas distributor in the country, has reported a lacklustre performance for the December quarter. While the topline has declined by 1.8%, the bottomline has seen a rise of 7.7%(YOY). The operating profit margin has shown a improvement of 100 basis points.

(Rs m) 3QFY03 3QFY04 Change 9mFY03 9mFY04 Change
Net sales 30,758 30,200 -1.8% 86,934 90,260 3.8%
Other income 943 323 -65.7% 1,940 1,680 -13.4%
Expenditure 23,468 22,755 -3.0% 65,308 67,384 3.2%
Operating profit (EBDITA) 7,290 7,445 2.1% 21,626 22,876 5.8%
Operating profit margin (%) 23.7% 24.7%   24.9% 25.3%  
Interest 517 206 -60.1% 1,490 1,051 -29.5%
Depreciation 1,773 1,658 -6.5% 4,966 4,908 -1.2%
Profit before tax 5,943 5,904 -0.7% 17,110 18,597 8.7%
Tax 2,350 2,033 -13.5% 6,350 6,205 -2.3%
Profit after tax/(loss) 3,593 3,871 7.7% 10,760 12,392 15.2%
Net profit margin (%) 11.7% 12.8%   12.4% 13.7%  
No. of shares (m) 845.7 845.7   845.7 845.7  
Diluted earnings per share (Rs)* 17.0 18.3   17.0 19.5  
P/E ratio (x)   12.0     11.3  
(* annualised)            

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