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Please refer to important disclosures at the end of this report 1
Quarterly highlights (Standalone)Y/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq)Net sales 12,409 10,455 18.7 12,474 (0.5)EBITDA 1,137 734 54.9 2,002 (43.2)
EBITDA margin (%) 9.2 7.0 214bp 16.0 (689)bp
Adj. PAT 618 483 28 1,285 (52)Source: Company, Angel Research
For 4QFY2013, GAIL India (GAIL) reported a lower-than-expected profit due to
the impact of transmission tariff cut by Petroleum and Natural Gas Regulatory
Board (PNGRB). We maintain our Neutral rating on the stock.Top-line grew by 18.7% yoy: The companys top-line grew by 18.7% yoyto `12,409cr (above our estimate of `12,038cr), mainly due to a
better-than-expected performance by the Petrochemicals and LPG segments.
The companys fuel subsidy burden stood at `587cr for the quarter.
EBITDA increased by 54.9% yoy: The Natural Gas Trading and Petrochemicalsegments EBIT grew by 109.1% and 9.4% yoy, respectively. However, the Natural
Gas Transmission segments EBIT decreased 87.5% yoy to `41cr due to a one
time impact of the PNGRB order which reduced the transmission tariff for KG D6
pipeline by 53.0% with retrospective effect from November 20, 2008.
Nevertheless, GAILs EBITDA improved by54.9% yoy to `1,137cr in 4QFY2013.
Higher depreciation and taxes dents PAT growth:The other income increased by17.4% yoy to `270cr, whereas the tax rate stood at 45.8% for the quarter
compared to 33.9% in 4QFY2012. Consequently, the net profit increased by
27.9% yoy to `618cr, although it was below our estimate of `835cr.
Outlook and valuation: Over the past one year, gas production from the KGbasin has declined significantly. Further, we do not expect any meaningful
increase in the production at KG D6 over the coming two years. Hence, we expect
utilization levels for GAILs pipelines to remain low during FY2014. Moreover, a
cap on the gas marketing margin (which is currently under review by the PNGRB
would remain an overhang on the stock. Hence, we maintain our Neutral ratingon the stock.Key financials - StandaloneY/E March (` cr) FY2012 FY2013E FY2014E FY2015ENet sales 40,441 47,522 52,102 52,876% chg 24.6 17.5 9.6 1.5
Net profit 3,654 4,021 4,322 4,527% chg 2.6 10.1 7.5 4.7
OPM (%) 13.8 13.6 15.7 16.1
EPS (`) 28.8 31.7 34.1 35.7P/E (x) 10.8 9.8 9.1 8.7
P/BV (x) 1.8 1.6 1.4 1.3
RoE (%) 17.9 17.4 16.4 15.2
RoCE (%) 18.5 17.3 17.4 16.2
EV/Sales (x) 1.0 0.8 0.6 0.6
EV/EBITDA (x) 7.1 5.6 4.1 3.6
Source: Company, Angel Research
NEUTRALCMP `311
Target Price -
Investment Period -
Stock Info
Sector
5,967
Bloomberg Code
Shareholding Pattern (%)
Promoters 57.3
MF / Banks / Indian Fls 15.7
FII / NRIs / OCBs 16.9Indian Public / Others 10.1
Abs. (%) 3m 1yr 3yr
Sensex 3.7 22.8 15.2
GAIL (6.3) (6.0) (32.6)
39,488
396/300
68,052
1
Oil & Gas
Avg. Daily Volume
Market Cap (` cr)
52 Week High / Low
Net debt (` cr)
10
19,610
5,939
GAIL.BO
GAIL@IN
Beta
Face Value (`)
BSE Sensex
Nifty
Reuters Code
Bhavesh ChauhanTel: 022 - 3935 7800 Ext: 6821
[email protected] RachhTel: 022- 39357600 Ext: 6841
GAIL IndiaPerformance Highlights
4QFY2013 Result Update | Oil & Gas
June 3, 2013
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GAIL | 4QFY2013 Result Update
June 3, 2013 2
Exhibit 1:4QFY2013 performance (Standalone)
Y/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % chg (qoq) FY2013 FY2012 % chg (yoy)Net sales 12,409 10,455 18.7 12,474 (0.5) 47,332 40,281 17.5COGS 9,677 8,779 10.2 9,441 2.5 36,309 30,437 19.3Total operating expenditure 11,272 9,721 16.0 10,472 7.6 41,053 34,842 17.8
EBITDA 1,137 734 54.9 2,002 (43.2) 6,469 5,599 15.5EBITDA margin (%) 9.2 7.0 16.0 13.7 13.9
Other income 270 230 17.4 154 74.9 765 648 17.9
Depreciation 273 214 27.2 242 12.4 981 791 24.1
Interest 55 52 5.0 55 (0.4) 195 116 67.4
PBT 1,141 731 56.1 1,859 (38.6) 6,057 5,340 13.4PBT margin (%) 9.2 7.0 14.9 12.8 13.3
Total tax 523 248 111.1 574 (8.9) 2,036 1,686 20.7
% of PBT 45.8 33.9 30.9 33.6 31.6
PAT 618 483 27.9 1,285 (51.9) 4,021 3,654 10.1Source: Company, Angel Research
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GAIL | 4QFY2013 Result Update
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Exhibit 2:Segmental performance (Standalone)
Y/E March (` cr) 4QFY2013 4QFY2012 % chg (yoy) 3QFY2013 % (qoq) FY2013 FY2012 % (yoy)NG trading 10,552 9,121 15.7 10,118 4.3 39,609 33,052 19.8
Petrochemical 1,204 963 25.0 1,107 8.8 3,765 3,415 10.2LPG & liquid hydrocarbons 1315 322 308.0 1277 2.9 4434 3090 43.5
Transmission NG 458 846 (45.9) 989 (53.7) 3347 3852 (13.1)
Transmission LPG 103 109 (4.7) 81 28.1 293 454 (35.5)
Gailtel - - - - -
Others 42 42 1.7 43 (2.8) 217 124 75.6
Total 13675 11403 19.9 13616 0.4 51667 43986 17.5Less: Inter segmental 1266 948 33.5 1142 10.9 4334 3707 16.9
Sales 12,409 10,455 18.7 12,474 (0.5) 47,333 40,279 17.5EBITNG trading 347 166 109.1 299 16.2 1,385 1,089 27.2
%EBIT 30.4 55.0 33.9
Petrochemical 472 431 9.4 439 7.3 1,525 1,466 4.0
%EBIT 39.2 44.8 39.7
LPG & Liquid hydrocarbons 493 (332) (248.5) 592 (16.8) 1,588 554 186.5
%EBIT 37.5 -102.9 46.4
Transmission NG 41 325 (87.5) 620 (93.5) 1,832 2,154 (14.9)
% EBIT 8.9 38.4 62.6
Transmission LPG 62 53 16.4 13 366.9 97 272 (64.2)
% EBIT 59.9 49.1 16.4
Gailtel - - - - -
% EBIT - - - - -
Others (34) (38) (10) (83) (59.5) (102) (196) (48)
% EBIT - - - - -
Total EBIT 1,380 606 127.8 1,880 (26.6) 6,326 5,339 18.5% EBIT 11.1 5.8 15.1
Less: Interest 55 52 5.0 55 (0.4) 195 116 67.4
Less: Unallocable exp (184) 178 - 34 - (74) 115 -
Profit before tax 1,141 731 56.1 1,859 (38.6) 6,058 5,340 13.4Source: Company, Angel Research
Exhibit 3:4QFY2013 Actual vs Angel estimates(` cr) Actual Estimates Variation (%)Net sales 12,409 12,038 3.1
EBITDA 1,137 1,601 (29.0)
EBITDA margin (%) 9.2 13.3 (414)bp
Adj. PAT 618 835 (26.0)
Source: Company, Angel Research
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GAIL | 4QFY2013 Result Update
June 3, 2013 4
Top-line grew by 18.7% yoy: The companys top-line grew by 18.7% yoy to`12,409cr (above our estimate of `12,038cr), mainly due to higher-than-expected
performance from the Petrochemicals and LPG segments which grew by 25.0%
and 308.0% yoy to`
1,204cr and`
1,315cr respectively. The companys fuelsubsidy burden stood at `587cr in 4QFY2013, compared to `1,397cr in
4QFY2012 and `700cr in 3QFY2013.
Exhibit 4:Net sales grew by 18.7% yoy
9,699
11,260 10,455 11,089 11,36112,474 12,409
19.7
34.6
17.6
25.0
17.1
10.8
18.7
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
-
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
Net Sales Net Sales growth (RHS)
Source: Company, Angel Research
Exhibit 5:GAILs subsidy share stood at `587cr
567 536
1,397
700786
700587
0
200
400
600
800
1,000
1,200
1,400
1,600
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(`cr)
Source: Company, Angel Research
Exhibit 6: Transmission volumes continue to decline
119 119 116110 106 105
99
-
20
40
60
80
100
120
140
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(mmscmd)
Source: Company, Angel Research
EBITDA increased by 54.9% yoy: The Natural Gas Trading and Petrochemicalsegments EBIT grew by 109.1% and 9.4% yoy to `347cr and `472cr, respectively.
However, the Natural Gas Transmission segments EBIT decreased 87.5% yoy to
`41cr due to a one time impact of the PNGRB order which reduced the
transmission tariff for KG D6 pipeline by 53.0% with retrospective effect from 20 th
November 2008. Nevertheless, GAILs EBITDA improved by 54.9% yoy to
`1,137cr in 4QFY2013 and EBITDA margin improved by 214bp yoy to 9.2%,
mainly because of a lower base of 4QFY2012.
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GAIL | 4QFY2013 Result Update
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Exhibit 7: EBITDA stood at `1,137cr
1,676
1,761
734
1,899
1,380
2,002
1,137
5.0
7.0
9.0
11.0
13.0
15.0
17.0
19.0
-
500
1,000
1,500
2,000
2,500
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
EBITDA EBITDA margins (RHS)
Source: Company, Angel Research
Higher depreciation and taxes dent PAT growth: The other income increased by17.4% yoy to `270cr, whereas the tax rate stood at 45.8% in 4QFY2013
compared to 33.9% in 4QFY2012. Consequently, the net profit increased by
27.9% yoy to `618cr, but below our estimate of `835cr.
Exhibit 8: Adjusted PAT increased by 27.9 yoy
1,0
94
1,0
91
483
1,1
34
985
1,2
85
618
30.6
12.8
(38.3)
15.1
(10.0)
17.7
27.9
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
20.0
30.0
40.0
-
200
400
600
800
1,000
1,200
1,400
2QFY12 3QFY12 4QFY12 1QFY13 2QFY13 3QFY13 4QFY13
(%)
(`cr)
Adj. PAT Adj. PAT growth (RHS)
Source: Company, Angel Research
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GAIL | 4QFY2013 Result Update
June 3, 2013 6
Investment arguments
Upstream segment could see triggers:GAILs asset portfolio includes prospectivebasins such as Myanmar fields and CBM blocks. We view these blocks as a
potential upside for the stock. Of the 27 exploratory blocks owned by GAIL, nine
blocks have potential hydrocarbon discoveries. Any material success in the form of
a major discovery could be a key catalyst for the stock.Falling domestic gas production remains a concern: GAIL is expanding itstransmission capacity from 170mmscmd currently to 300mmscnd in the next two
years. However, gas production from the KG basin has declined significantly over
the past one year. Looking ahead, we do not expect any meaningful increase in
production at KG D6 in the coming year. Hence, we expect utilization levels for
GAILs pipelines to remain low during FY2014.
Outlook and valuation
Over the past one year, gas production from the KG basin has declined
significantly. Further, we do not expect any meaningful increase in the production
at KG D6 over the coming two years. Hence, we expect utilization levels for GAILs
pipelines to remain low during FY2014. Moreover, a cap on the gas marketing
margin (which is currently under review by PNGRB) would remain an overhang on
the stock. Hence, we maintain our Neutral rating on the stock.Exhibit 9: SOTP valuation (FY2015E)
Business segment (` cr) EV `/shareNG transmission (EV/EBITDA 4.0x) 16,806 133
LPG transmission (EV/EBITDA 4.0x) 1,350 11
NG trading (EV/EBITDA 4.0x) 2,981 24
Petrochemicals (EV/EBITDA 4.0x) 7,481 59
LPG and liquid hydrocarbons (EV/EBITDA 4.0x) 4,627 36
E&P upsides (EV/boe 4.0x) 1,601 13
Investments (Book/Market Value X 80%) 2,868 23
Total EV 37,713 297Net debt (2,048) (16)
Equity value (`) 39,761 314Source: Company, Angel Research
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GAIL | 4QFY2013 Result Update
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Exhibit 10: Key assumptions
Particulars FY2014E FY2015EGas transmission volumes (mmscmd) 113 125
Gas trading volumes (mmscmd) 83 90Source: Company, Angel Research
Exhibit 11: Angel EPS forecast vs consensus
(`) Angel forecast Bloomberg consensus Variation (%)FY2014E 34.1 32.4 5.2FY2015E 35.7 34.2 4.4
Source: Company, Angel Research
Exhibit 12: One-year forward P/E
0
100
200
300
400
500
600
700
800
Jun-0
7
No
v-0
7
Ap
r-08
Sep-0
8
Feb-0
9
Ju
l-09
De
c-0
9
Ma
y-1
0
Oc
t-10
Ma
r-11
Aug-1
1
Jan-1
2
Jun-1
2
No
v-1
2
Ap
r-13
Shareprice(`)
7x 10x 13x 16x 19x
Source: Company, Angel Research
Exhibit 13: Recommendation summary
Company CMP TP Reco. Mcap Upside P/E (x) P/BV (x) EV/EBITDA (x) RoE (%) RoCE (%)(`) (`) (` cr) (%) FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E FY14E FY15E
RIL 788 - Neutral 256,612 - 11.4 10.1 1.1 1.0 6.8 5.4 11.5 11.7 8.5 9.4
ONGC 318 354 Accum. 273,946 11 11.0 11.8 1.8 1.7 5.4 5.1 17.2 14.6 17.1 14.7
Cairn India 285 345 Buy 54,652 21 5.3 5.8 0.8 0.7 2.7 2.3 16.5 13.6 16.0 13.3
GAIL 311 - Neutral 39,488 - 9.1 8.7 1.4 1.3 4.1 3.6 16.4 15.2 17.4 16.2Source: Angel Research
Company background
Incorporated in August 1984, GAIL is India's flagship transmission and distribution
natural gas company engaged in the businesses of natural gas, LPG, liquid
hydrocarbons and petrochemicals. The companys segments include natural gas
marketing, natural gas transmission, liquefied petroleum gas (LPG) transmission
projects and other hydrocarbon production. Currently, GAIL operates a natural
gas transmission network of ~8,000km, with a capacity of 170mmscmd. The
company also has 27 oil and gas exploration blocks and three coal bed methane
blocks. The company has also diversified into exploration and production and city
gas distribution (CGD).
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Profit and Loss Statement (Standalone)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013 FY2014E FY2015ENet Sales 24,996 32,459 40,281 47,332 52,102 52,876
Other operating income - - 160 190.0 - -Total operating income 24,996 32,459 40,441 47,522 52,102 52,876% chg 5.1 29.9 24.6 17.5 9.6 1.5
Total Expenditure 20,327 27,004 34,842 41,053 43,911 44,371
Net Raw Materials 17,609 22,006 30,437 36,309 42,781 50,408
Other Mfg costs 950 2,046 3,755 3,959 1,786 1,786
Personnel 621 753 650 785 925 1,090
Other 1,147 2,199 - - 3,394 3,394
EBITDA 4,669 5,455 5,599 6,469 8,191 8,506% chg 14.9 16.8 2.6 15.5 26.6 3.8
(% of Net Sales) 18.7 16.8 13.8 13.6 15.7 16.1
Depreciation & Amortization 562 650 791 981 1,840 1,852
EBIT 4,107 4,804 4,808 5,488 6,352 6,653% chg 17.2 17.0 0.1 14.1 15.7 4.8
(% of Net Sales) 16.4 14.8 11.9 11.5 12.2 12.6
Interest & other Charges 70 83 116 195 220 253
Other Income 541 519 648 765 215 248
(% of PBT) 11.8 9.9 12.1 12.6 3.4 3.7
Share in profit of Associates - - - - - -
Recurring PBT 4,578 5,240 5,340 6,057 6,347 6,648% chg 8.6 14.4 1.9 13.4 4.8 4.7
Extraordinary Expense/(Inc.) - - - - - -
PBT (reported) 4,578 5,240 5,340 6,057 6,347 6,648Tax 1,439 1,679 1,686 2,036 2,025 2,121
(% of PBT) 31.4 32.0 31.6 33.6 31.9 31.9
PAT (reported) 3,140 3,561 3,654 4,021 4,322 4,527Add: Share of earnings of asso. - - - - - -
Less: Minority interest (MI) - - - - - -
Prior period items - - - - - -
PAT after MI (reported) 3,140 3,561 3,654 4,021 4,322 4,527ADJ. PAT 3,140 3,561 3,654 4,021 4,322 4,527% chg 12.0 13.4 2.6 10.1 7.5 4.7(% of Net Sales) 12.6 11.0 9.0 8.5 8.3 8.6
Basic EPS (`) 24.8 28.1 28.8 31.7 34.1 35.7Fully Diluted EPS ( ) 24.8 28.1 28.8 31.7 34.1 35.7% chg 12.0 13.4 2.6 10.1 7.5 4.7
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Balance Sheet (Standalone)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015ESOURCES OF FUNDSEquity Share Capital 1,268 1,268 1,268 1,268 1,268 1,268Reserves& Surplus 15,655 17,985 20,356 23,363 26,670 30,183
Shareholders Funds 16,924 19,253 21,624 24,631 27,939 31,451Minority Interest - - - - - -
Total Loans 1,480 1,973 4,889 7,389 8,389 9,389
Deferred Tax Liability 1,390 1,633 1,769 1,769 1,769 1,769
Other Long Term Liabilities - 15 278 278 278 278
Long Term Provisions - 289 338 338 338 338
Total Liabilities 19,794 23,164 28,898 34,405 38,712 43,224APPLICATION OF FUNDSGross Block 17,904 22,144 26,307 28,807 33,307 37,607
Less: Acc. Depreciation 9,115 9,741 10,449 11,430 13,269 15,122
Net Block 8,789 12,404 15,858 17,377 20,037 22,485Capital Work-in-Progress 5,426 5,846 7,942 8,530 7,330 5,330
Goodwill - - - - - -
Investments 2,073 2,583 3,549 3,549 3,549 3,549Long Term Loans and advances - 1,687 1,996 1,996 1,996 1,996
Other non-current assets - 73 272 272 272 272
Current Assets 13,884 9,420 9,468 16,077 19,574 23,743Cash 4,343 2,131 931 7,285 10,437 14,548
Loans & Advances 7,606 4,596 5,211 5,211 5,211 5,211
Other 1,935 2,692 3,325 3,580 3,926 3,984
Current liabilities 10,378 8,848 10,186 13,396 14,046 14,150Net Current Assets 3,506 572 (719) 2,681 5,528 9,593Mis. Exp. not written off - - - - - -
Total Assets 19,794 23,164 28,898 34,405 38,712 43,224
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Cash Flow (Standalone)
Y/E March (` cr) FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EProfit before tax 4,578 5,240 5,340 6,057 6,347 6,648
Depreciation 562 650 792 981 1,840 1,852Change in Working Capital 1,453 722 91 2,954 305 46
Others (541) (2,051) (310) (765) (215) (248)
Less: Other income - - - - - -
Direct taxes paid (1,375) (1,484) (1,425) (2,036) (2,025) (2,121)
Cash Flow from Operations 4,677 3,077 4,488 7,192 6,251 6,178(Inc.)/ Dec. in Fixed Assets (3,300) (4,632) (6,618) (3,088) (3,300) (2,300)
(Inc.)/ Dec. in Investments (336) (509) (965) - - -
Others 220 412 442 - - -
Other income - - - 765 215 248
Cash Flow from Investing (3,416) (4,729) (7,142) (2,323) (3,085) (2,052)Issue of Equity - - - - - -
Inc./(Dec.) in loans 280 830 3,037 2,500 1,000 1,000
Dividend Paid (Incl. Tax) (1,113) (1,109) (1,253) (1,015) (1,015) (1,015)
Others 287 (108) (330) - - -
Cash Flow from Financing (546) (388) 1,454 1,485 (15) (15)Inc./(Dec.) in Cash 715 (2,040) (1,200) 6,354 3,152 4,111
Opening Cash balances 3,456 4,172 2,131 931 7,285 10,437Closing Cash balances 4,172 2,131 931 7,285 10,437 14,548
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Key Ratios
Y/E March FY2010 FY2011 FY2012 FY2013E FY2014E FY2015EValuation Ratio (x)P/E (on FDEPS) 12.6 11.1 10.8 9.8 9.1 8.7P/CEPS 10.7 9.4 8.9 7.9 6.4 6.2
P/BV 2.3 2.0 1.8 1.6 1.4 1.3
Dividend yield (%) 2.4 2.4 3.2 2.6 2.6 2.6
EV/Sales 1.4 1.1 1.0 0.8 0.6 0.6
EV/EBITDA 7.4 6.7 7.1 5.6 4.1 3.6
EV/Total Assets 1.7 1.6 1.4 1.0 0.9 0.7
Per Share Data (`)EPS (Basic) 24.8 28.1 28.8 31.7 34.1 35.7
EPS (fully diluted) 24.8 28.1 28.8 31.7 34.1 35.7
Cash EPS 29.2 33.2 35.0 39.4 48.6 50.3
DPS 7.5 7.5 9.9 8.0 8.0 8.0
Book Value 133.4 151.8 170.5 194.2 220.3 247.9
DuPont Analysis (%)EBIT margin 16.4 14.8 11.9 11.5 12.2 12.6
Tax retention ratio 68.6 68.0 68.4 66.4 68.1 68.1
Asset turnover (x) 1.7 1.8 1.7 1.7 1.9 1.9
ROIC (Post-tax) 19.2 17.9 13.4 13.2 15.6 15.9
Cost of Debt (Post Tax) - - - - - -
Leverage (x) - - - - - -
Operating ROE 19.2 17.9 13.4 13.2 15.6 15.9
Returns (%)ROCE (Pre-tax) 22.1 22.4 18.5 17.3 17.4 16.2
Angel ROIC (Pre-tax) 38.3 38.1 27.3 28.4 32.1 30.0
ROE 19.8 19.7 17.9 17.4 16.4 15.2
Turnover ratios (x)Asset Turnover (Gross Block) 1.4 1.6 1.7 1.7 1.7 1.5
Inventory / Sales (days) 9.0 8.4 8.3 8.2 8.5 8.8
Receivables (days) 20 18 18 17 18 18
Payables (days) 86 69 66 77 80 83
WC cycle (ex-cash) (days) (2) (13) (14) (24) (33) (34)
Solvency ratios (x)Net debt to equity (0.3) (0.1) 0.0 (0.1) (0.2) (0.3)
Net debt to EBITDA (1.1) (0.5) 0.1 (0.5) (0.7) (1.0)
Interest Coverage (EBIT/Int.) 58.7 58.0 41.3 28.1 28.9 26.3
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GAIL | 4QFY2013 Result Update
June 3 2013 12
Research Team Tel: 022 3935 7800 E-mail: [email protected] Website: www.angelbroking.com
DISCLAIMERThis document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment
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Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and
trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's
fundamentals.
The information in this document has been printed on the basis of publicly available information, internal data and other reliablesources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as thisdocument is for general guidance only. Angel Broking Pvt. Limited or any of its affiliates/ group companies shall not be in any wayresponsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report .Angel Broking Pvt. Limited has not independently verified all the information contained within this document. Accordingly, we cannottestify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document.While Angel Broking Pvt. Limited endeavours to update on a reasonable basis the information discussed in this material, there may beregulatory, compliance, or other reasons that prevent us from doing so.
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Angel Broking Pvt. Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment bankingor other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or
in the past.
Neither Angel Broking Pvt. Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from
or in connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to thelatest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Pvt. Limited and its affiliates mayhave investment positions in the stocks recommended in this report.
Disclosure of Interest Statement GAIL
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Recommended