GAIL (India)

Presently operating at near pre lockdown levels

Aug 14, 2020 09:08 IST capital market

GAIL (India) consolidated net sales of the company fell 34% to Rs 12174.15 crore in Q1FY21 compared to Q1FY20. OPM of the company fell 710 bps to 5.7% leading to 71% decrease in operating profits to Rs 693.73 crore.

Other income was down 1% to Rs 158.5 crore. As a result PBDIT decreased 66% to 852.23 crore. Interest cost rose 75% to Rs 52.56 crore while depreciation rose 19% to Rs 521.11 crore. PBT was down 86% to Rs 278.56 crore.

Tax expenses fell 89% to Rs 85.77 crore compared to tax expense of Rs 803.79 crore. Profit after tax was down 85% to Rs 192.79 crore. Further considering share of profit or loss of JV and associates with minority interest and prior period adjustments net profit of the company fell 56% to Rs 654.33 crore.

Segment wise, natural gas transmission revenue stood at Rs 1268.13 crore, down by 14% YoY and accounted for 8% of sales. PBIT from the same was down by 17% to Rs 716.65 crore with PBIT margin at 56.5% as compared to 58.1% for June19 quarter.

LPG transmission revenues stood at Rs 153.55 crore up by 14% YoY and accounted for 1% of sales. PBIT from the same rose 32% to Rs 81.48 crore. PBIT margins stood at 53.1% as compared to 45.7% for June19 quarter.

Natural gas marketing segment revenue stood at Rs 11635.38 crore down by 38% YoY and accounted for 73% of sales. PBIT from the same was loss of Rs 614.06 crore compared to profit of Rs 868.55 crore in June19 quarter.

Petrochemicals segment revenue stood at Rs 1221.69 crore compared to Rs 1112.76 core in June19 quarter and accounted for 10% of sales. PBIT from the same was loss of Rs 154.43 crore compared to loss of Rs 227.03 crore.

LPG and liquid hydrocarbon segment revenue stood at Rs 747.91 crore down by 35% YoY and accounted for 5% of sales. PBIT from the same fell 48% to Rs 266.2 crore with margins at 35.6% as compared to 44.6% for June19 quarter.

City gas segment revenue stood at Rs 739.2 crore down by 36% YoY and accounted for 5% of sales. PBIT from the same reported loss of Rs 86 lakh compared to profit of Rs 57.23 crore.

During the quarter, Natural Gas Transmission and Marketing volume stood at 90.22 MMSCMD and 81.16 MMSCMD as against 105.41 MMSCMD and 96.55 MMSCMD respectively in QI FY20, Petrochemical Sales and Liquid Hydrocarbon Sales stood at 183 TMT and 265 TMT as against 136 TMT and 296 TMT respectively during QI FY20 .

The sharp decline in financial performance is mainly attributable to significant impact in physical performance due to nation-wide lockdown during the earlier part of the quarter coupled with lower price realization in Petrochemicals, Liquid Hydrocarbons and Natural Gas.

Mr. Manoj Jain, CMD GAIL said that with gradual relaxation of lockdown and increase in economic activities, the physical performance of the company has picked up significantly in all segments and the company is presently operating at near pre lockdown levels. He further added that though the Capex during the 1st quarter was affected due to lockdown, GAIL expects to significantly improve Capex during remaining quarters.

Consolidated Performance for the year ended Mar20

For FY20 sales of the company fell 5% to Rs 72508.42 crore compared to FY19. OPM of the company fell 30 bps to 12.4%. As a result operating income was down 7% to Rs 9025.01 crore. Other income was up 27% to Rs 1546.43 crore. As a result PBDIT decreased 3% to 10571.44 crore. Interest cost rose 94% to Rs 308.94 crore while depreciation was up 25% Rs 2080.16 crore. PBT was down 10% to Rs 8182.34 crore.

Tax expense was Rs 14.13 crore compared to Rs 3303.21 crore. Profit after tax increased 42% to Rs 8168.21 crore. Further considering share of profit or loss of JV and associates with minority interest and prior period adjustments net profit of the company rose 44% to Rs 9422.05 crore. The increase in PAT is mainly due to adoption of lower tax regime.

The scrip is currently trading at Rs 97

Gail (India): Results

 

Particulars 2006 (3) 1906 (3) Var (%) 2003 (12) 1903 (12) Var (%)
Net sales 12174.15 18467.44 -34 72508.42 76189.89 -5
OPM(%) 5.7 12.8 12.4 12.7
OP 693.73 2357.61 -71 9025.01 9667.56 -7
OI 158.5 159.59 -1 1546.43 1214.27 27
PBIDT 852.23 2517.2 -66 10571.44 10881.83 -3
Interest 52.56 29.99 75 308.94 159.20 94
PBDT 799.67 2487.21 -68 10262.5 10722.63 -4
Depreciation 521.11 436.91 19 2080.16 1666.64 25
PBT before EO 278.56 2050.3 -86 8182.34 9055.99 -10
EO 0 0 0 0
PBT after EO 278.56 2050.3 -86 8182.34 9055.99 -10
Tax 85.77 803.79 -89 14.13 3303.21 -100
PAT 192.79 1246.51 -85 8168.21 5752.78 42
Share of profit or loss of JV and Associates 450.18 257.16 75 2246.60 775.20 190
MI -11.36 1.72 92.59 7.03 1217
Net profit 654.33 1501.95 -56 10322.22 6520.95 58
PPA 0.00 0.00 900.17 -24.97 -3705
Net profit after PPA 654.33 1501.95 -56 9422.05 6545.92 44
EPS(Rs)* # # 22.9 14.5
* Annualized on current equity of Rs 4510.14 crore; Face Value of Rs 10
# EPS not annualized due to seasonality of business
Var(%) exceeding 999 has been truncated to 999
LP : Loss to profit; PL : Profit to loss;EO: Extraordinary item
Figures in Rs crore
EPS is calculated after excluding EO and relevant tax
Source : Capitaline Corporate Database

GAIL (India): Segment wise Results

 

Particulars 2006 (3) 1906 (3) % of total Var (%) 2003 (12) 1903 (12) % of total Var (%)
Revenue:
Transmission Services
1) Natural Gas 1268.13 1479.73 8 -14 6034.43 5778.62 6 4
2) LPG 153.55 134.59 1 14 636.41 624.1 1 2
Natural Gas Marketing 11635.38 18717.62 73 -38 71211.96 70270.74 76 1
Petrochemicals 1221.69 1112.76 8 10 5,432.13 6,703.94 6 -19
LPG and Liquid Hydrocarbons 747.91 1145.65 5 -35 4,233.71 5,083.14 5 -17
City Gas 739.20 1153.45 5 -36 5,316.72 5,476.14 6 -3
Others 239.40 266.88 1 -10 1,051.62 733.8 1 43
Unallocated 0.07 0.57 0 9.38 9.35 0 0
Total 16005.33 24011.25 100 -33 93926.36 94679.83 100 -1
Less: Inter Segment Revenues 3824.71 5529.69 -31 21,358.66 18,445.66 16
Net Revenue from operation 12180.62 18481.56 -34 72567.70 76234.17 -5
PBIT:
Transmission Services
1) Natural Gas 716.65 859.49 170 -17 3,539.77 3,253.90 41 9
2) LPG 81.48 61.56 19 32 330.91 301.38 4 10
Natural Gas Marketing -614.06 868.55 -146 PL 2,638.47 2,714.89 31 -3
Petrochemicals -154.43 -227.03 -37 -32 -245.5 384.9 -3 -164
LPG and Liquid Hydrocarbons 266.2 510.77 63 -48 1,580.62 2,546.52 18 -38
City Gas -0.86 57.23 0 PL 221.43 138.33 3 60
Others 125.80 151.9 30 -17 561.93 309.59 7 82
Total 420.78 2282.47 100 -82 8627.63 9649.51 100 -11
Figures in Rs crore
Var (%) exceeding 999 has been truncated to 999
Source: Capitaline Corporate Database

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