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GAIL net zooms… - Views on News from Equitymaster
 
 
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  • Jul 24, 2000

    GAIL net zooms…

    GAIL's turnover for FY01 has grown by 50%. The growth in turnover was mainly due to the increased volume from its businesses (natural gas, petrochemicals and LPG). The main driver has been the petrochemical business, which recorded a ten-fold increase in volume sales.

    (Rs m) 1QFY00 1QFY01 Change
    Sales 15,983 23,991 50.1%
    Other Income 108 309 186.7%
    Expenditure 13,183 19,157 45.3%
    Operating Profit (EBDIT) 2,801 4,835 72.6%
    Operating Profit Margin (%) 17.5% 20.2%  
    Interest 427 442 3.6%
    Depreciation 1,129 1,178 4.3%
    Profit before Tax 1,353 3,524 160.5%
    Tax - 730  
    Profit after Tax/(Loss) 1,353 2,794 106.5%
    Net profit margin (%) 8.5% 11.6%  
    No. of Shares (eoy) 846 846  
    Diluted Earnings per share* 6.4 13.2  
    *(annualised)      

    Operating profits have clocked an impressive 72.6% growth. But the more comforting factor is that OPM has increased by almost 3 percentage points. GAIL being the only integrated gas company in India should be able to capitalise on this advantage as gas becomes the preferred energy source.

    Historically, GAIL has traded at a 2 year average P/E of 13. At the current price of Rs.50 it is trading at a multiple of 3.7 on Q1FY01 annualised earnings.

     

     

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