GAIL’s PAT up 57 % in FY 2016-17 yr-on-yr, touches Rs 3,503 cr

GAIL (India) Limited has registered a 57% rise in Profit after Tax for the Financial Year 2016-17 with the PAT increasing to Rs 3,503 crore from Rs 2,226 crore in the last fiscal. The rise in profit was boosted largely by a turnaround in the Company’s Petrochemical business, increase in profits from Gas Transmission business and partial sale of stake in Mahanagar Gas Limited (MGL), despite lower price realisation in Polymer and Liquid hydrocarbons. These results are after considering impairment of Investment in Ratnagairi Gas and Power Pvt. Ltd. (RGPPL) in 4th quarter of FY 2016-17 for Rs.783 crore. GAIL’s PAT excluding non-operating one offs (i.e. gain from stake sale in MGL and impairment of Investments in RGPPL) is Rs 3,797 crore, an increase of 71% year-on-year (yoy). The Board has proposed a final total dividend of Rs. 2.70 per share (subject to approval of shareholders) making the total dividend for the year Rs. 1,535 crore, up by 120% as compared to FY 2015-16. The earning per share is also up by 57% to Rs. 20.71 per share on increased paid-up equity. During FY 16-17, GAIL also issued Bonus share in ratio of one bonus share for every three equity shares held. The Company registered growth in physical performance in FY 2016-17 in all segments on year-on-year basis. Sale of Petrochemicals was up by 73%, Natural Gas Marketing & Transmission volumes rose by 10% & 9% respectively, LPG Transmission volume was up by 19% while Liquid Hydrocarbon Sales went up by 2%.