For the nine month period ended 31st December 2007, however, GAIL recorded a net sales of Rs 13,073 crore, a 7.4% 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% over Rs1706 crore in the corresponding previous period.
For the third quarter of FY 2007-08, GAIL registered a total revenue (net of Excise Duty) of Rs 4483 crore against Rs 4563 crore in the corresponding previous period. The profit before tax increased by 2.4% 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.
According to the chairman and managing director, GAIL, UD Choubey, 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.
Under the annual memorandum of understanding (MoU) signed by GAIL for performance targets for 2008-09, the company has targeted for gas transmission of around 81.5 MMSCMD of natural gas from domestic sources and through the LNG route. It includes the gas marketing target of around 70 MMSCMD. The MoU also provides for an production target of 390 TMT of Polymers (HDPE & LLDPE) and 1,260 TMT of liquid hydrocarbons under the excellent scenario.
Presently, GAILs business portfolio includes 6,700 km of natural gas high pressure trunk pipeline with a capacity to carry 148 MMSCMD of natural gas across the country; seven LPG gas processing units to produce 1.2 MMTPA of LPG and other liquid hydrocarbons. GAIL has north Indias only gas-based integrated petrochemical complex at Pata with a capacity of producing 4,10,000 TPA of ploymers.
Besides, GAIL owns a 1,922 km of LPG transmission pipeline network with a capacity to transport 3.8 MMTPA of LPG, 27 oil and gas exploration blocks and 3 coal bed methane blocks, 13,000 km of optic fibre cable (OFC) network offering highly dependable bandwidth for telecom service providers.
GAIL also has joint venture companies in Delhi, Mumbai, Hyderabad, Kanpur, Agra, Lucknow, Bhopal, Agartala, and Pune, for supplying piped natural gas (PNG) to households and commercial users, and compressed natural gas (CNG) to the transport sector. It also has an established presence in the CNG and City Gas sectors in Egypt through equity participation in three Egyptian companies: Fayum Gas Company SAE, Shell CNG SAE, and National Gas Company SAE and a stake in China Gas Holding to explore opportunities in the CNG sector in mainland China.