Decline mainly due to increase in subsidy burden
Turnover increasedby 11 per cent to Rs 3,660 crore
Gas transmissionup by 8 per cent to 78.34 MMSCMD
LPG transmissionup by 21 per cent to 690,000 mt
New Delhi, April 28
GAIL (India) Ltd has registered a dip of 22 per cent in its profit after tax (PAT) during the fourth quarter of 2005-06.
The company's PAT for the quarter stood at Rs 409 crore against Rs 524 crore during the corresponding quarter in the previous financial year.
The dip in PAT in the fourth quarter was mainly due to the increase in subsidy burden to Rs 538 crore from Rs 273 crore in the same period last year, a senior company executive told
According to the company, in the fourth quarter of 2005-06, its turnover increased by 11 per cent to Rs 3,660 crore as against a turnover of Rs 3,285 crore in the corresponding quarter of the previous financial year.
During the quarter gas transmission increased by 8 per cent to 78.34 million standard cubic metre (MMSCMD) as compared to 72.46 MMSCMD in the corresponding quarter of the previous financial year.
The liquefied petroleum gas (LPG) transmission increased by 21 per cent to 690,000 million tonne (mt) as compared to 570,000 mt during the corresponding quarter of the previous year, the company said.
GAIL clocked an 18 per cent jump in its net profit and a 17 per cent increase in the turnover for the full financial year 2005-06. The PAT during 2005-06 stood at Rs 2,310 crore(Rs 1,954 crore).
The turnover during the year under review increased to Rs 14,460 crore as against Rs 12,412 crore.
This increase in profits has been achieved despite the fact that gas price for internal consumption has gone up from Rs 2,850 to Rs 6,740 per 1,000 standard cubic metre (SCM) with effect from July 1, 2005, the company said adding that GAIL also had to bear the subsidy burden of Rs 1,064 crore towards the under recoveries on domestic liquefied petroleum gas (LPG) and PDS Kerosene as per the Government directives.
During 2005-06, revenues from natural gas transmission increased by 12 per cent to Rs 2,034 crore as compared to Rs 1,810 crore during the previous year. Revenues from gas trading increased by 18 per cent to Rs 8,401 crore as against Rs 7,129 crore in the corresponding year.
Revenues from LPG and other liquid hydrocarbons increased by 31 per cent to Rs 2,062 crore in 2005-06 as compared to Rs 1,578 crore during the previous year, mainly because of the increase in the prices, the company added.
The natural gas transmission increased 10 per cent during financial year 2005-06 to 78.87 MMSCMD as against 71.56 MMSCMD during the previous financial year.