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GAIL India: Realizations drive growth

May 4, 2004

GAIL India has posted decent 4QFY04 and FY04 results with a 10% YoY increase in the topline during the 4QFY04 and 14% YoY jump in the bottomline for the same period. On a full year basis, the topline has risen by 6% while the bottomline has shown an improvement of 15%. Also, the company has been able to improve its operating profits by a strong 26% YoY during the quarter.

(Rs m) 4QFY03 4QFY04 Change FY03 FY04 Change
Net sales 30,742 33,831 10.0% 117,677 124,090 5.5%
Other income 1,247 816 -34.5% 3,188 2,497 -21.7%
Expenditure 22,090 22,972 4.0% 87,398 90,356 3.4%
Operating profit (EBDITA) 8,653 10,859 25.5% 30,278 33,734 11.4%
Operating profit margin (%) 28.1% 32.1%   25.7% 27.2%  
Interest 374 343 -8.2% 1,864 1,395 -25.2%
Depreciation 1,453 1,697 16.8% 6,419 6,605 2.9%
Profit before tax 8,073 9,635 19.3% 25,183 28,231 12.1%
Extraordinary items - - - - - -
Tax 2,442 3,245 32.9% 8,792 9,450 7.5%
Profit after tax/(loss) 5,631 6,390 13.5% 16,391 18,781 14.6%
Net profit margin (%) 18.3% 18.9%   13.9% 15.1%  
No. of shares (m) 845.7 845.7   845.7 845.7  
Diluted earnings per share (Rs)* 26.6 30.2   19.4 22.2  
P/E ratio (x)         9.8  
(* annualised)            

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