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GAIL: Subsidy dragon rises again… - Views on News from Equitymaster
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GAIL: Subsidy dragon rises again…
Feb 3, 2007

GAIL has declared its 3QFY07 and 9mFY07 results. The topline has grown by 15% and 17% YoY for 3QFY07 and 9mFY07 respectively. Higher subsidy burden and increased prices of natural gas have led to contraction in operating margins to the tune of 360 basis points in 3QFY07. However, on the back of higher other income and lower depreciation and interest expenditure, company was able to report bottomline growth of 4% YoY.

Financial snapshot…
Particulars ( Rs m) 3QFY06 3QFY07 Change 9mFY06 9mFY07 Change
Net sales 44,455 51,062 14.9% 121,435 141,948 16.9%
Expenditure 35,344 42,421 20.0% 93,500 118,000 26.2%
Operating profits(EBDITA) 9,111 8,641 -5.2% 27,935 23,948 -14.3%
EBDITA margins(%) 20.5% 16.9%   23.0% 16.9%  
Other income 1518.9 1,846 21.6% 3,711 4,320 16.4%
Interest expenses 406.4 271 -33.4% 880 850 -3.5%
Depreciation 1414.1 1,439 1.7% 4,204 4,283 1.9%
Profit before tax 8,809 8,778 -0.3% 26,561 23,136 -12.9%
Tax 2377.5 2,124 -10.7% 7,554 6,078 -19.5%
Profit after tax 6,432 6,655 3.5% 19,008 17,059 -10.3%
Net profit margins(%) 14.5% 13.0%   15.7% 12.0%  
No. of shares (m) 846 846   846 846  
Diluted EPS 7.61 7.87   22.48 20.17  
Price to earnings ratio*         11.5  

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