GAIL Q3 PAT seen down 9.5% at Rs 990 cr

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GAIL Q3 PAT seen down 9.5% at Rs 990 cr

State-owned GAIL is expected to report a profit after tax of Rs 990 crore in the third quarter of FY12, a fall of 9.5% as compared to Rs 1,094.4 crore in the previous quarter.

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State-owned GAIL is expected to report a profit after tax of Rs 990 crore in the third quarter of FY12, a fall of 9.5% as compared to Rs 1,094.4 crore in the previous quarter.

Sales are seen going up by 1% to Rs 9,800 from Rs 9,699 crore quarter-on-quarter.

Operating profit margin is likely to be at 16.1% in the quarter ended December FY12 versus 17% in an earlier quarter.
 
Highlights

* Subsidy payout uncertain; Street all over the place on subsidy assumptions 

* GAIL paid Rs 566.6 crore in subsidy last quarter; that was 2.7% of the overall burden

* This was up from the 1.6% hit GAIL took in Q1

* Petchem sales were very robust at 129 kT in Q2; EBIT was up 66% YoY

* Sequential base is quite high + Environment is quite tough

* Sales are expected to drop to between 110 kT - Rs 115 kT in Q3

* Margin decline will be indicative of domestic demand situation

* Fall in D6 production will be partly offset by imported LNG

* Transmission volumes expected at around 117 mcmd versus 119 mcmd in Q2