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GAIL: Blown away! - Views on News from Equitymaster
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GAIL: Blown away!
Nov 29, 2006

GAIL’s topline registered a modest growth of 7% YoY and 18% YoY for 2QFY07 and 1HFY07 respectively. Margins continued to be under pressure as they declined by as much as 940 basis points and 760 basis points for 2QFY07 and 1HFY07 respectively. Weak operating performance coupled with decline in other income and steep rise in interest expenditure and depreciation led to 42% decline at the bottomline in 2QFY07.

Financial snapshot…
(Rs m) 2QFY06 2QFY07 Change 1HFY06 1HFY07 Change
Net sales 40,738 43,583 7.0% 76,980 90,886 18.1%
Expenditure 31,394 37,692 20.1% 58,156 75,579 30.0%
Operating profit(EBDITA) 9,344 5,891 -37.0% 18,824 15,307 -18.7%
EBDITA margins(%) 22.9% 13.5%   24.5% 16.8%  
Other income 1,693 1,674 -1.2% 2,192 2,474 12.9%
Interest expenses 178 291 64.1% 474 579 22.1%
Depreciation 399 1,436 259.7% 2,790 2,844 1.9%
Profit before tax 10,461 5,838 -44.2% 17,752 14,359 -19.1%
Tax 2,719 1,354 -50.2% 5,176 3,954 -23.6%
Profit after Tax 7,742 4,484 -42.1% 12,577 10,405 -17.3%
Net profit margin(%) 19.0% 10.3%   16.3% 11.4%  
No.of shares(m) 845.7 845.7   845.7 845.7  
Diluted earnings per share 9.2 5.3   14.9 12.3  
Price to earning ratio.(x)*         10.4  

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