GAIL records total revenue of Rs. 4483 crore, net profit of Rs. 621 crore in Q III

New Delhi, January 31, 2008. GAIL (India) Limited registered a total revenue (net of Excise Duty) of Rs. 4483 crore in the third quarter of FY 2007-08 against Rs. 4563 crore in the corresponding previous period. The Profit Before Tax increased by 2.4 percent to Rs. 899 crore in the third quarter of the current financial year against Rs. 878 crore in the corresponding period last year. The Net Profit during the third quarter of FY 2007-08 was Rs.  621 crore against Rs. 665 crore in the corresponding previous period.

For the nine month period ended 31st December 2007, however, the Company registered Net Sales of Rs. 13,073 crore, a 7.4 per cent increase against Net Sales of Rs. 12,164 crore in the corresponding period last year. The Net Profit for the period ended 31st December 2007 was Rs. 1879 crore, up 10 percent over Rs.1706 crore in the corresponding previous period.

The marginal decrease in the revenues and net profit during the third quarter of the current financial year was mainly due to the increased subsidy burden and corporate tax during the third quarter of the current financial year as against the corresponding period last year. The LPG subsidy during the period increased by over Rs. 52 crore to Rs. 367.5 crore compared to Rs. 315 crore in the corresponding previous period.

Segment-wise Revenue

During the third quarter of the current financial year, revenues from Petrochemicals business were Rs. 538 crore as against Rs. 624 crore in the corresponding period of last year. The revenues from LPG and Liquid Hydrocarbons business during the third quarter of the current financial year were Rs. 528 crore as against Rs. 594 crore in the corresponding period of last year. The revenues from Natural Gas Trading during the third quarter of the current financial year were Rs. 3112 crore as against Rs. 3149 crore in the corresponding period of the last year. The revenues from Natural Gas Transmission during the third quarter of the current financial year were Rs. 602 crore as against Rs. 641 crore in the corresponding period the previous year. The revenues from LPG transmission during the third quarter of the current financial year were Rs. 100 crore as against Rs. 99 crore in the corresponding period last year.

During the nine month period, revenues from LPG and other Liquid Hydrocarbons increased by 17.7 percent to Rs. 1872 crore against Rs. 1590 crore in the corresponding period last year. The revenues from Petrochemicals business also increased by 17.7 percent to Rs. 1845 crore against Rs. 1567 crore in the corresponding period of the previous financial year. The revenues from LPG Transmission business increased by 11 percent to Rs. 281 crore against Rs. 253 crore in the corresponding period last year. The revenues from Natural Gas Transmission business during the nine month period of the current financial year were Rs. 1710 crore against Rs. 1738 crore in the corresponding period last year. The revenues from natural gas trading business increased to Rs. 9278 crore, an increase of 2.5 percent over the natural gas trading revenue of Rs. 9051 crore in the corresponding period last year.

Physical Performance

The Natural Gas transmission during the third quarter of the current financial year was 85.33 MMSCMD, up 6.18 percent from 80.36 MMSCMD in the corresponding period last year. The Natural Gas sales during the third quarter of FY 2007-08 were 69.08 MMSCMD as against 69.69 MMSCMD during the corresponding period last year. During the third quarter for FY 2007-08, the petrochemical production was 77 TMT as against 94 TMT in the corresponding period last year. The polymer sales during the third quarter of the current financial year were 81 TMT as against 97 TMT in the corresponding period in the previous year. The LPG transmission during the third quarter of the current financial year was 710 TMT as against 728 TMT during the corresponding period in the previous financial year. The LPG and Other Liquid Hydrocarbon production during the third quarter of the current financial year was 370 TMT as against 349 TMT in the corresponding period last year. The LPG and Other Liquid Hydrocarbon sales during the third quarter of the current financial year were 309 TMT as against 349 TMT in the corresponding period last year.

GAIL has already declared a 40 per cent interim dividend for the financial year 2007-08.