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GAIL: Bottomline up 18% - Views on News from Equitymaster
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GAIL: Bottomline up 18%
Feb 18, 2013

Gas Authority of India Ltd (GAIL) has announced the third quarter results for financial year 2012-2013 (3QFY13). The company has reported 10.7% year on year (YoY) and 17.7% YoY growth in the topline and bottomline respectively for the quarter. Here is our analysis of the results.

Performance summary
  • The company registered a 10.7% YoY growth in the topline during the quarter. For the first nine months (9mFY13), the net sales were up by 17.0% YoY.
  • The operating profits registered a growth of 11.5% YoY during the quarter, with margins at 16.0%, marginally up from 15.9% in 3QFY12. For the first nine months (9mFY13), the operating profits were up by 5.7% YoY, with operating profit margins at 15.2%, down from 16.9% in 9mFY12.
  • The net income for the quarter registered 17.7% YoY growth, with margins at 10.2% versus 9.6% in 3QFY12. For the first nine months, the net profits were up by 7.4% YoY, with margins at 9.6%, down from 10.5% for 9mFY12.
  • The company has offered a discount of Rs 7 bn for the quarter (up 30.6% YoY) to share under recoveries on cooking fuel.

Standalone performance summary
(Rs m)  3QFY12  3QFY13  Change 9mFY12 9mFY13 Change
Sales  112,942 125,042 10.7% 299,096 350,091 17.0%
Expenditure  94,993 105,021 10.6% 248,620 296,725 19.3%
Operating profit (EBDITA)  17,949 20,021 11.5% 50,476 53,366 5.7%
EBDITA margin (%)  15.9% 16.0%   16.9% 15.2%  
Other income  214 1,542 622.2% 2,020 4,288 112.3%
Interest (net)  207 552 166.2% 641.4 1400.8 118.4%
Depreciation  1,975 2,424 22.7% 5,764 7,084 22.9%
Profit before tax  15,980 18,587 16.3% 46,091 49,169 6.7%
Pretax margin (%)  14.1% 14.7%   15.3% 13.9%  
Tax  5,066 5,738 13.3% 14,386 15,129 5.2%
Profit after tax/(loss)  10,914 12,849 17.7% 31,705 34,040 7.4%
Net profit margin  9.6% 10.2%   10.5% 9.6%  
No. of shares (m)          1,268  
Diluted earnings per share (Rs)*          30.6  
Price to earnings ratio (x)**          11.1  
*On a trailing 12 months basis

What to expect?
At the current price of Rs 339, the stock is valued at 11.1 time trailing 12 months earnings. We will incorporate the result in our estimates and update our investors on details and valuations very soon.

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