R K Goel takes over as Director (Finance) GAIL
New Delhi, 02.11.2005: Shri R. K. Goel takes over as Director (Finance) in GAIL (India) Limited. The incumbent has been Executive Director (Finance) in GAIL since April 2003. A graduate in Commerce and a fellow member of the Institute of Chartered Accountants of India, Mr Goel has brought with him over 30 years of specialized experience of financial management by serving Gas and Oil majors in the country. He joined GAIL in 1988 after serving almost a decade with Indian Oil Corporation.
One of the major achievements of Shri Goel has been the fact that he drove the initiatives for strengthening systems and procedures in alignment with electronic mode, implementation of IT based approach in Finance function and transfer / sharing / updation of data across the company. The 100 per cent e-payment model ensuring transparency and economy has been widely acclaimed as a model for other PSUs to follow.
The contingent liability of the company has been drastically reduced by the initiative of Shri Goel whereby Central Sales Tax Demand of around Rs. 5000 crore has been set aside in favour of GAIL. He has also contributed in getting rationalization of rate of depreciation for oil and gas pipeline. A globe trotter, Shri Goel is driving force for GAIL’s globalization initiative. He had a very good contribution in the success of GAIL’s Global Depository Receipt (GDR) issue as well as its Initial Public Offer (IPO), which was responded very well by the investors. These two events emerged as a door opeping for GAIL’s market Cap.
Shri Goel has taken initiatives in GAIL for financial reengineering of corporate loans profile by bringing down weighted average cost of capital, debt service burden, average rate of interest on existing portfolio and funds for major project financing requirements. He has also been managing the foreign exchange risk policy of the company by applying best financial derivatives, corporate tax planning, and implementation of disinvestment decisions of the government, reformation of the accounts as per the requirements of USGAAP. Shri Goel has been responsible for timely submission of Annual Plan, securitization of outstanding dues, finalization of quarterly financial results, analysis of the segmental results and compliance of the accounting standards, formulation of accounting policies etc. He has also been responsible for finalizing gas purchase & sales contracts and portfolio management. He has also been regularly interacting with financial analysts, investors and other stakeholders to the best of their satisfaction.
Shri Goel has taken over from Shri J K Jain.
About GAIL
GAIL (India) Limited has announced a 70% jump in its net profits for the second quarter of the current financial year. Profit After Tax of the company has gone up to Rs. 774 crore in the second quarter of 2005-06 as against Rs. 456 crore in the corresponding quarter of the last fiscal. Turnover (net of Excise Duty) has increased by 17 per cent to Rs. 3,601 crore in the second quarter of 2005-06 as against Rs. 3,081 crore in the second quarter of the previous financial year. Gross margin is also up by 13 per cent
GAIL (India) Limited has recorded growth in all key physical as well as financial parameters in the Financial Year 2004-05. According to the audited figures, Turnover (excluding internal consumption and net of excise duty) in the year 2004-05 went up by 15 per cent to Rs. 12,412 crore from Rs. 10,827 crore in FY 2003-04. The Profit After Tax during the year 2004-05 was up by 5 per cent to Rs. 1,954 crore from Rs. 1,869 crore in the previous year.