GAIL (India) Limited
GAIL records Rs 1947 crore net profit in FY 2004-05
April 30, 2005, New Delhi GAIL (India) Limited today announced its un-audited annual financial results for the financial year 2004-2005. The company has recorded growth in all key physical as well as financial parameters in the Financial Year 2004-05.
According to provisional figures, the highlights of GAIL’s financial and physical performance in FY 2004-05 are:
- Turnover (excluding internal consumption and net of excise duty) up 15 % to Rs. 12,435 crore from Rs. 10,827 crore in FY 2003-04
- Profit After Tax up 4 % to Rs. 1,947 crore from Rs. 1,869 crore in the last year
- Gas Transmission up 16 % to 72.86 MMSCMD from 62.84 MMSCMD in the previous financial year
- Polymer Sales up 17% to 3,19,000 MT from 273, 000 MT in the last financial year
- LPG Transmission up 16 % to 2.14 million MT from 1.84 million MT in FY 2003-04
The increase in the turnover was due to increase in natural gas sales/transmission on account of supply of R-LNG, increase in polymer sales and increase in LPG transmission due to increase in throughput in the Jamnagar – Loni LPG Pipeline and commissioning of Vizag – Secunderabad LPG pipeline.
Commenting on the results, Shri Proshanto Banerjee, Chairman and Managing Director, GAIL said, “The company has continued its steady performance in financial year 2004-05 despite the increased burden of Rs. 1138 crore on account of sharing of LPG and kerosene subsidies. Without such burden, the PAT would have registered an increase of 26 per cent over the last fiscal. This burden has jumped from a level of Rs.428 crore in 2003-04 to Rs. 1138 crore during 2004-05, an increase of 166%. The subsidy burden due to kerosene subsidy alone is Rs.601 crore which is 53% of the total burden. Government has favourably considered GAIL’s request that GAIL should not be burdened with Kerosene Subsidy as it does not produce kerosene. We are looking forward to rationalization of this scheme during 2005-06”.
About GAIL (India) Limited
GAIL, a natural gas major, is focused on all aspects of the gas value chain including Exploration and Production, Gas Marketing and Transmission, Gas Processing, LPG Production, Petrochemicals and telecom. The company has also extended its presence in power, LNG re-gasification, city gas distribution and E & P through Equity/JV participations. Under its globalization initiatives, GAIL has already taken equity participation in three retail gas companies in Egypt i.e Fayum Gas Company, NATGAS and Shell CNG, Egypt and acquired 10 per cent equity in China Gas Holdings in China. GAIL is pursuing business opportunities in countries like Egypt, China, Iran, Myanmar, Russia, Kazakastan, Bangladesh, Turkey, and Romania in the areas of exploration and production, gas transmission, CNG and city gas distribution, LNG and petrochemicals. GAIL is also playing a key role in the area of Cross Border Pipelines in bringing Pipeline gas into India. For the first time, GAIL is making a foray in Crude Oil Transmission, by pursuing an opportunity in establishing a Pipeline from Samsun to Ceyhan in Turkey. GAIL has set up a wholly- owned subsidiary company viz GAIL Global (Singapore) Pte Ltd in Singapore.