GAIL (India) Ltd on Friday reported a 22 per cent dip in its net profit at Rs 409 crore (Rs 4.09 billion) to fourth quarter ended March 31 on having to payout Rs 538 crore (Rs 5.38 billion) towards subsidising LPG and kerosene.
Profit in January-March quarter fell 22 per cent to Rs 409 crore (Rs 4.09 billion) as against Rs 524 crore (Rs 5.24 billion) in the corresponding period of the previous fiscal, a compay release said.
Sales rose 11 per cent to Rs 3,660 crore (Rs 36.6 billion) when compared with Rs 3,285 crore (Rs 32.85 billion) in the same period last fiscal.
The board of directors of the company recommended payment of final dividend at the rate of 20 per cent (Rs 2 per share).
Earlier, the company had declared an interim dividend of 60 per cent (Rs 6 per share) and special interim dividend of 20 per cent (Rs 2 per cent).
GAIL profits jumped 18 per cent to Rs 2,310 crore (Rs 23.1 billion) in 2005-06 fiscal despite paying out Rs 1064 crore (Rs 10.64 billion) towards subsidising domestic LPG and kerosene. Sales rose 17 per cent to Rs 14,460 crore (144.6 billion). Company's gross margins during the year were Rs 3,953 crore (Rs 39.53 billion).
"This increase of the 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 thousand standard cubic meters with effect from July 1, 2005," the release said.
GAIL's annual subsidy burden came down by 6.4 per cent to Rs 1064 crore (Rs 10.64 billion) as against Rs 1137 crore (Rs 11.37 billion) as subsidy share out during 2004-05.
During 2005-06, revenues from natural gas transmission increased by 12 per cent to Rs 2,034 crore (Rs 20.34 billion) as compared to Rs 1,810 crore (Rs 18.1 billion) during the previous financial year.
The revenues from gas trading increased by 18 per cent to Rs 8,401 crore (Rs 84.01 billion) as against Rs 7,129 crore (Rs 71.29 billion) while revenues from LPG and other liquid hydrocarbons increased by 31 per cent to Rs 2,062 crore (Rs 20.62 billion) mainly because of the increase in the prices.
The natural gas transmission increased 10 per cent to 78.87 million standard cubic meters per day as against 71.56 mmscmd during the previous financial year.
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