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

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GAIL: Bottomline up 18%

Feb 21, 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. The company has adjusted around Rs 857m towards excess provision (reversal of excess subsidy paid previously) for the 2QFY13 (nil in 2QFY12) and Rs 21 bn for 3QFY13 (Rs 17.8 bn in 3QFY12)

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