The Hindu : Business : GAIL net profit at Rs. 2,387 cr.

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Thursday, May 10, 2007
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GAIL net profit at Rs. 2,387 cr.

Special Correspondent

Recommends 100 p.c. total dividend

— PHOTO: R. V. MOORTHY

SYNERGISING WORKFLOW: U. D. Choubey, Chairman (left), GAIL, addressing a press conference in New Delhi on Wednesday. R. K. Goel, Director, Finance, looks on.

NEW DELHI: Gas Authority of India Limited (GAIL) recorded a 11 per cent growth in turnover at Rs. 16,047 crore in 2006-07 against Rs. 14,459 crore in the previous year. The profit after tax during the year increased to Rs. 2,387 crore from Rs. 2,310 crore.

Addressing a press conference here, GAIL Chairman U. D. Chowbey said that despite a 40 per cent increase in subsidy sharing in domestic LPG and PDS kerosene from Rs.1,064 crore in 2005-06 to Rs.1,488 crore in 2006-07 and increased cost of operations, the company achieved improved profit. Without the subsidy element, the profit before tax would have increased by 33 per cent to Rs. 4,348 crore and the profit after tax by 49 per cent to Rs. 3, 444 crore. Based on the consolidated financial statements, total earnings were Rs. 17, 176 crore, the profit before tax was Rs. 3, 069 crore and the profit after tax was Rs. 2, 545 crore. The EPS (earnings per share) increased to Rs. 28.22 in 2006-07 from Rs. 27.32.

Mr. Chowbey said the board of directors had recommended a total dividend of 100 per cent for 2006-07, including interim dividend of 55 per cent and special interim dividend of 25 per cent, already declared and paid. He said GAIL had put in place ship or pay commitment for new pipeline projects.

To bring synergy, GAIL has adopted a gas management system (GMS) to handle multiple sources of supply and delivery of gas in a co-mingled form and for smooth interface among shippers, customers, transporters and suppliers.

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