GAIL 9-month PAT up 133 % to Rs 3,243 cr
 
133% increase in PAT for the first nine months of financial year 2016-17 over the corresponding period last year with the PAT increasing to Rs 3,243 crore from Rs1,394 crore.    
 

GAIL (India) registered a 133% increase in PAT for the first nine months of Financial Year 2016-17 over the corresponding period last year with the PAT increasing to Rs 3,243 crore from Rs.1,394 crore.

The third quarter witnessed a pricing pressure in petrochem business during November and December 2016, PAT grew by 6% sequentially to Rs 983 crore.

On quarterly basis, GAIL's PAT in the third quarter increased by 46% to Rs 983 crore from Rs 676 crore in the corresponding period of the last fiscal, buoyed by a turnaround in petrochemicals segment and increase in profitability of Liquid Hydrocarbons segment.

The company also registered growth in physical performance in all segments on quarter on quarter basis i.e. petrochemical sales up by 8%, liquid hydrocarbon sales up by 4% and natural gas marketing and transmission volumes up by 3% & 2% respectively

GAIL Chairman & Managing Director Mr B C Tripathi said," GAIL is issuing bonus shares for the second time after its listing on the stock exchanges. "The decision has been taken in order to enhance shareholders' value and acknowledge their support to the Company over the years," he added

GAIL (India) has recommended issuance of one bonus share for every three equity shares (1:3) held of Rs 10 each fully paid up, subject to shareholders approval

GAIL's board also approved payment of interim dividend for the financial year 2016-17 at the rate of 85 per cent of paid-up equity share capital of the Company (Rs 8.5 per share). Interim Dividend will be paid with reference to the 'Record Date' i.e. 3rd February, 2017 fixed for the said purpose

The issue of the INR bonds would help in funding the growing capex requirements for the future growth of the company, acording to Mr B C Tripathi , GAIL CMD.

GAIL's board at its meeting held on January 25, 2017 also approved raising of funds through secured/ unsecured, redeemable, non-convertible, taxable INR bonds up to Rs 750 crore with green shoe option up to 100 per cent of issue size aggregating up to Rs 1,500 crore on private placement basis, in one or more tranches