Gujarat Gas approves stock split, posts net profit of Rs.18.232 Crores

Gujarat Gas Company Ltd has announced that the Board of Directors of the Company at its meeting held on February 23, 2007, inter alia, has approved the proposal of sub-division of equity shares from the present nominal value of Rs 10 per share to Rs 2 per share subject to approval of the shareholders at the ensuing Annual General Meeting of the Company scheduled to be held on April 30, 2007 and such other approvals and sanctions as may be necessary from the regulatory authorities.

The Company has announced the following results for the quarter & year ended December 31, 2006:

The Unaudited results for the quarter ended December 31, 2006:

The Company has posted a profit after tax of Rs 182.320 million for the quarter ended December 31, 2006 as compared to Rs 109.088 million for the quarter ended December 31, 2005. Total Income (net of excise) has increased from Rs 1638.497 million for the quarter ended December 31, 2005 to Rs 2371.532 million for the quarter ended December 31, 2006.

The Audited results for the year ended December 31, 2006:

The Company has posted a profit after tax of Rs 888.952 million for the year ended December 31, 2006 as compared to Rs 903.931 million for the year ended December 31, 2005. Total Income (net of excise) has increased from Rs 6343.615 million for the year ended December 31, 2005 to Rs 8447.222 million for the year ended December 31, 2006.

The Consolidated Results are as follows:

The Unaudited results for the quarter ended December 31, 2006:

The Group has posted a profit attributable to Rs 177.168 million for the quarter ended December 31, 2006 as compared to Rs 132.348 million for the quarter ended December 31, 2005. Total Income (net of excise) has increased from Rs 2051.797 million for the quarter ended December 31, 2005 to Rs 2774.916 million for the quarter ended December 31, 2006.

The Audited results for the year ended December 31, 2006:

The Group has posted a profit attributable to Rs 875.169 million for the year ended December 31, 2006 as compared to Rs 981.290 million for the year ended December 31, 2005. Total Income (net of excise) has increased from Rs 7751.860 million for the year ended December 31, 2005 to Rs 9846.227 million for the year ended December 31, 2006.

Speaking on the occasion of the results, Mr. B S Shantharaju, Managing Director said, "Our initiatives of focusing on growing the retail business and investing in the infrastructure over the last two years have started yielding desired results. This year, we contracted for additional gas from the Panna, Mukta and Tapti consortium and we are confident that the investment in infrastructure and additional volume will sustain the growth momentum. This is corroborated by the fact that in the first week of January, we have achieved the sales of 4.0 million cubic meters in a single day."

The Board of Directors of the Company at its meeting held on February 23, 2007, inter alia, has recommended payment of dividend on pro-rata basis of Rs 0.47 (7.5%) per share on 7.5% Redeemable Cumulative Non Convertible Preference Shares having face value of Rs 10 each aggregating to Rs 76.92 lac (including dividend distribution tax of Rs 9.46 lac) and Rs 12.50 (125%) per share on Equity Shares having face value of Rs 10 each aggregating to Rs 1827.96 lac (including dividend distribution tax of Rs 224.84 lac).

Source : Equity Bulls

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