GAIL (India) Ltd

gailonline.com BSE: 532155 NSE : GAIL
About

Incorporated in 1984, GAIL, a Government of India undertaking, is an integrated natural gas company in India. It owns over 11,500 km of natural gas pipelines, over 2300 km of LPG pipelines, six LPG gas-processing units and a petrochemicals facility. It also has a joint-venture interest in Petronet LNG Ltd, Ratnagiri Gas and Power Pvt Ltd, and in the CGD business in several cities. GAIL has wholly owned subsidiaries in Singapore and the US for expanding its presence outside India in the segments of LNG, petrochemical trading and shale gas assets.

Key Points

Revenue mix%[1]
Natural gas trading/marketing - 76.5%
Petrochemicals - 7.5%
Natural gas transmission - 7.5%
LPG & other liquid hydrocarbon - 5%
LPG transmission - 1%
City gas - 0.83%
Other - 1.4%

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Website BSE NSE
  • Market Cap ₹ 67,760 Cr.
  • Current Price ₹ 153
  • High / Low ₹ 170 / 81.2
  • Stock P/E 8.89
  • Book Value ₹ 120
  • Dividend Yield 3.28 %
  • ROCE 13.5 %
  • ROE 12.0 %
  • Face Value ₹ 10.0
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Pros

  • Stock is providing a good dividend yield of 3.28%.
  • Company has been maintaining a healthy dividend payout of 30.47%

Cons

  • The company has delivered a poor sales growth of 1.97% over past five years.

Peer comparison

Sector: Gas Distribution Industry: Miscellaneous

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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
19,343 20,218 19,065 18,467 18,235 17,883 17,923 12,174 13,796 15,664 15,738 17,571
16,566 17,417 17,310 16,110 16,581 15,711 15,081 11,480 12,373 13,419 12,855 14,932
Operating Profit 2,777 2,800 1,756 2,358 1,654 2,171 2,842 694 1,423 2,245 2,882 2,640
OPM % 14% 14% 9% 13% 9% 12% 16% 6% 10% 14% 18% 15%
Other Income 358 288 983 417 554 1,210 1,612 609 586 700 940 543
Interest 49 33 24 30 33 31 216 53 32 37 58 52
Depreciation 385 385 487 437 469 535 640 521 546 561 546 590
Profit before tax 2,701 2,670 2,227 2,307 1,706 2,816 3,599 729 1,432 2,346 3,219 2,540
Tax % 34% 33% 32% 35% 32% 28% -34% 12% 25% 19% 21% 15%
Net Profit 1,787 1,795 1,522 1,502 1,167 2,025 4,728 654 1,112 1,884 2,487 2,138
EPS in Rs 3.96 3.98 3.37 3.33 2.59 4.49 10.48 1.45 2.47 4.18 5.60 4.81
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Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
26,929 35,070 44,093 50,974 61,765 60,557 52,053 48,552 54,496 76,190 72,518 57,372 62,769
21,464 28,523 37,054 43,547 53,777 54,926 47,517 42,531 46,695 66,252 63,495 50,127 53,580
Operating Profit 5,465 6,547 7,040 7,427 7,988 5,631 4,536 6,021 7,802 9,938 9,022 7,245 9,190
OPM % 20% 19% 16% 15% 13% 9% 9% 12% 14% 13% 12% 13% 15%
Other Income 572 508 722 887 1,247 945 731 1,212 948 1,719 3,796 2,834 2,769
Interest 385 378 366 437 669 652 822 509 295 159 309 179 179
Depreciation 829 878 1,041 1,319 1,644 1,433 1,496 1,541 1,527 1,667 2,080 2,174 2,243
Profit before tax 4,823 5,799 6,355 6,558 6,922 4,492 2,949 5,183 6,928 9,831 10,429 7,725 9,537
Tax % 32% 31% 31% 34% 32% 32% 37% 35% 31% 33% 9% 20%
Net Profit 3,328 4,021 4,444 4,374 4,786 3,160 1,869 3,368 4,799 6,546 9,422 6,136 7,620
EPS in Rs 7.38 8.92 9.85 9.70 10.61 7.01 4.14 7.47 10.64 14.51 20.89 13.82 17.06
Dividend Payout % 29% 24% 25% 28% 28% 24% 37% 56% 43% 25% 31% 36%
Compounded Sales Growth
10 Years:5%
5 Years:2%
3 Years:2%
TTM:-5%
Compounded Profit Growth
10 Years:4%
5 Years:27%
3 Years:8%
TTM:-11%
Stock Price CAGR
10 Years:3%
5 Years:8%
3 Years:-7%
1 Year:79%
Return on Equity
10 Years:13%
5 Years:14%
3 Years:16%
Last Year:12%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Corporate actions Corp actions Equity History
Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
1,268 1,268 1,268 1,268 1,268 1,268 1,268 1,691 2,255 2,255 4,510 4,440
Reserves 16,541 19,945 23,646 27,526 31,188 32,754 35,135 37,614 39,424 43,749 44,758 48,742
Borrowings 5,413 6,904 11,506 16,472 18,537 18,291 9,052 6,553 3,876 2,224 6,912 7,873
12,669 12,034 11,479 14,542 15,872 17,355 13,608 12,433 15,798 20,199 18,754 20,350
Total Liabilities 35,892 40,152 47,899 59,809 66,865 69,669 59,063 58,291 61,353 68,426 74,934 81,405
15,330 15,962 19,863 24,303 25,995 32,143 29,946 28,302 28,860 31,475 37,121 40,188
CWIP 4,882 10,585 14,705 18,376 18,490 13,806 3,688 4,126 5,938 9,738 11,666 13,400
Investments 1,065 1,236 1,183 1,254 1,282 1,272 9,844 10,125 10,452 10,722 9,893 13,058
14,615 12,368 12,148 15,876 21,099 22,448 15,584 15,737 16,102 16,493 16,253 14,760
Total Assets 35,892 40,152 47,899 59,809 66,865 69,669 59,063 58,291 61,353 68,426 74,934 81,405

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
5,636 4,608 5,111 6,603 4,615 4,214 3,960 6,024 8,769 7,984 8,345 8,993
-5,518 -7,036 -9,443 -8,626 -4,466 -2,809 -904 -334 -2,660 -5,701 -8,299 -4,640
649 463 3,194 3,642 -3 -3,058 -3,028 -5,275 -5,252 -3,364 281 -3,471
Net Cash Flow 768 -1,964 -1,138 1,618 146 -1,653 29 415 858 -1,081 328 882

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 20 20 19 20 20 19 19 21 23 21 24 22
Inventory Days 17 16 20 18 20 18 14 17 17 16 21 25
Days Payable 49 33 31 33 33 26 25 27 35 24 25 37
Cash Conversion Cycle -11 4 8 5 8 12 8 11 6 13 20 10
Working Capital Days -12 -15 -8 -12 4 9 6 15 -5 1 5 -13
ROCE % 25% 24% 21% 17% 15% 10% 8% 12% 16% 22% 21% 13%

Shareholding Pattern

Numbers in percentages

Insider trades
Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
53.46 53.49 52.64 52.68 52.66 52.13 52.06 52.10 52.11 52.12 51.82 51.83
18.67 20.80 20.86 20.34 18.83 17.79 16.30 15.61 15.09 15.62 15.63 16.96
16.02 14.01 14.65 14.90 16.27 17.25 18.31 19.14 20.06 19.89 19.32 19.38
7.82 7.84 8.13 8.15 8.14 8.22 8.31 8.22 8.32 8.32 8.47 7.95
4.03 3.86 3.72 3.93 4.09 4.60 5.02 4.92 4.42 4.05 4.76 3.88

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