GAIL (India) Ltd, the country's largest gas transmission and marketing firm, today said it expects its profits to go up by seven per cent during the current fiscal.
The state-run company posted a 7.80 per cent growth in net profit at Rs 2,804 crore for the financial year 2008-09, compared to Rs 2,601 crore in the previous fiscal.
However, the company's net profit for the fourth quarter ending March 2009 declined by 12.74 per cent to Rs 630 crore, compared to Rs 722 crore in the corresponding period last year, mainly due to lower price realisation and E&P costs.
''For the running year, our results should be fairly good,'' company Director (Finance) R K Goel told reporters here.
''Turnover should exceed Rs 30,000 crore and profit should be more than Rs 3,000 crore,'' he said, adding that higher sales volume and a rise in polymer prices on the back of firmer crude prices should drive revenue and profit growth.
The company has set a target of transmitting about 95 million metric standard cubic metres per day (mmscmd) natural gas during the current fiscal.
The gas transporter is planning to raise Rs 500 crore through a local bond issue by December, as part of its annual requirement of at least Rs 3,000 crore debt for the next three years, including through foreign borrowing, he said.
On five million tonnes LNG plant at Dabhol, the official said it is expected to be commissioned by September, adding that the terminal will initially run at 35 per cent capacity.