GAIL India on Tuesday reported 12.7% jump in its net profit for the quarter ended December 31, 2010, on higher gas trading and transmission margins.
Net profit in October-December rose to Rs 968 crore as compared to Rs 859 crore in the year-ago period, GAIL CMD BC Tripathi said. ďThe increase in net profit during the third quarter of the current financial year was mainly due to the increase in natural gas transmission, LPG transmission and natural gas trading business,Ē he said.
The company turnover soared 35% to Rs 8,365 crore. Tripathi said GAIL has raised Rs 500 crore through a bonds issue and is planning to further raise $150 million through ECB next month.
Besides, it is planning to take a loan of Rs 300 crore from Oil Industry Development Board (OIDB) to meet its capex requirements, he said, adding that GAIL was looking at the foreign currency bond (FCB) issue of $150-200 million in the next fiscal. Tripathi said GAIL has expanded the capacity of its Dahej-Vijaipur pipeline to 35 mmscmd from 24 mmscmd.
The company will in 2011 add 1,500-km of pipeline at an estimated cost of about Rs 10,000 crore to raise its gas transmission capacity to 230 mmscmd from current 180 mmscmd, he said.
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Net profit for the quarter stood at Rs 30.50 crore, or Rs 7.46 a share, against Rs 54 crore, or Rs 13.09 per share, a year ago. Revenues jumped 16% to Rs 385 crore driven by manufacturing and the BFSI verticals. Dollar revenues increased 21% to $85 million. Although volumes remained flat, the firm reported pricing improvements.
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