The Telegraph
Since 1st March, 1999
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Gail net rises 32% to Rs 1565 crore

New Delhi, April 2: Gail (India) Ltd has recorded a 32 per cent jump in net profit to touch the Rs 1,565-crore mark for the financial year ended March 31, 2003 as against Rs 1,186 crore previous fiscal.

Chairman Proshanto Bannerjee said that the turnover of the company increased by 11 per cent over the previous year to touch a record-high of Rs 11,763 crore while the gross operating margin went up to Rs 3,267 crore from Rs 2,637 crore registered earlier.

The EPS of the company has gone up to Rs 18.51 and the dividend per share to Rs 5.

He said the performance also reflected the increasing diversification of the company insofar as gross margin from petrochemicals had shot up by 39 per cent while that from LPG and allied products had doubled from Rs 489 crore to Rs 980 crore. The output of LPG has crossed the million tonne mark.

However, the bulk of the revenue still continues to come from gas transmission and marketing though Gail’s nationwide pipeline network.

Haldia Petro plan

The chairman also said that the company was still the front-runner in the race for Haldia Petrochemicals Ltd (HPL). He said Gail’s understanding with HPL was that the latter would look for alternative offers only if the discussions with Gail failed. “Since the HPL management is still in touch with Gail, it shows that the talks had not failed as yet.”

“Our offer to pump in Rs 200 crore into HPL for a 10 per cent equity stake is subject to the IDBI-led financial institutions restructuring the debt of the company,” he added.

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