Você está na página 1de 30

Analyst Presentation

4th November 2009


Mumbai
Safe Harbor Statement
This presentation has been prepared by GAIL (India) Ltd (Company or GAIL)
solely for providing information about the Company.

The information contained in this presentation is only current as of its date. Certain
statements made in this presentation may not be based on historical information
or facts and may be "forward-looking statements", including those relating to the
Company’s general business plans and strategy, its future financial condition and
growth prospects, and future developments in its industry and its competitive and
regulatory environment. Actual results may differ materially from these forward-
looking statements due to a number of factors, including future changes or
developments in the Company’s business, its competitive environment,
information technology and political, economic, legal and social conditions in
India.

This communication is for general information purposes only, without regard to


specific objectives, financial situations and needs of any particular person.
Company do not accept any liability whatsoever, direct or indirect, that may arise
from the use of the information herein.

The Company may alter, modify or otherwise change in any manner the content of
this presentation, without obligation to notify any person of such revision or
changes.
GAIL Management

Sh B C Tripathi
Chairman & Managing Director
Functional Directors

Sh R K Goel Sh R D Goyal Sh S L Raina


Director (Fin) Director (Proj) Director (HR)
Government Nominee / Independent Directors

Sh Sundareshan Sh Apurva Sh R M Sethi Sh Mahesh Prof. A.Q.


Dr. Vinayshil Dr. U K Sen
Chandra Shah Contractor
Gautam
Quick Facts

India’s Premier Integrated Natural Gas


Company since 1984
25+ Years of Experience & Expertise in Gas P/L
Baa2/A3 Moody’s – Foreign/Domestic Rating
AAA ICRA & CRISIL for Bond Issue
57%+ GoI Stake
15%+ 10 Years Turnover CAGR
10%+ 10 Years PAT CAGR
3500+Manpower Asset
Quick Facts

India’s Premier Integrated Natural Gas


Company since 1984
150 MMSCMD+ Gas Transmission Cap

1.3+ MMTLHC Production Capacity


410+ TMTPolymer Production Capacity
30 E&P/CBM Blocks
2 : 100% Subsidiary
Presence in 4 Countries

12 : JVs/Associate Companies
Shareholding Pattern

Shareholding Pattern
Shareholders >1% + share
as on 30.09.09
1.43 3.41

13.79 ƒ President of India 57.34%


ƒ ONGC 4.83%
ƒ IOC 2.42%
ƒ Life Insurance Corporation 5.42%
12.13
ƒ LIC of India – Money Plus 1.79%
57.34
TOTAL 71.80%
7.24

5.01

GoI MF/UTI/FI/Bank CG/SG Insurance FII GDR Others

ƒ Government of India (“GoI”)is GAIL’s controlling shareholder

ƒ The administrative ministry for the purpose of the company is the Ministry of
Petroleum & Natural Gas, GoI

ƒ GoI has no plans to reduce its shareholding in GAIL to below 51%.


Financial Overview

Turnover CAGR of 15% PAT CAGR of 10%


26000 2750

24000

22000 2500

20000

18000 2250

16000

14000 2000

12000

10000 1750
Business Portfolio

NG Transmission NG Trading

Petrochemicals Liquid Hydrocarbons

Retail
E&P

GAILTEL Diversification
Segmental Physical Performance – H1 FY 2009-10

Gas Transmission Gas Trading LPG Transmission


MMSCMD MMSCMD ‘000 MT
101.66 79.43 80.50 16% 1,469
% 1,266
22

83.08

H1 08-09 H1 09-10 H1 08-09 H1 09-10 H1 08-09 H1 09-10

Petrochemicals Liquid HC OLHC


‘000 MT ‘000 MT 552 ‘000 MT 166

1% 180 (1
179 % 7%
)
155
547

H1 08-09 H1 09-10 H1 08-09 H1 09-10 H1 08-09 H1 09-10


Financial Performance – H1 FY 2009-10
(Rs in Crores)

Sales (Net of ED) Gross Margin (EBITDA)


3% 3,175
11,860 12,224 3,250
12,500
3,000 (27
%)
11,250
2,750
10,000
2,500 2,332
8,750 2,250

7,500 2,000
H1 08-09 H1 09-10 H1 08-09 H1 09-10

PBT PAT
2,855 2,250
3,000 1,920
( 29 2,000
2,750 %) (29
%)
2,500 1,750
2,250 2,014 1,369
1,500
2,000
1,250
1,750
1,500 1,000
H1 08-09 H1 09-10 H1 08-09 H1 09-10
LPG Subsidy in H1 FY 09-10: Rs.533 Cr (Rs.876 Crs. in H1 FY 08-09)
Gas Transmission Segment

(Rs in Cr)
Turnover
12%
1,443
32%

1,093

H1 08-09 H1 09-10

EBITDA
1,266
35%

935

53%

H1 08-09 H1 09-10

• Core Business
• NG Trans Cap ~ 150 MMSCMD (7000 KM)
Gas Trading Segment

(Rs in Cr)
Turnover
8,109
12%
7,267

66%

H1 08-09 H1 09-10

EBITDA

4% 217
208

9%

H1 08-09 H1 09-10

• Core Business
• Earning of Marketing Margin by Natural Gas Trading
LPG Transmission Segment

(Rs in Cr)
Turnover
208 2%

19%
175

H1 08-09 H1 09-10

EBITDA
162
24%
131

H1 08-09 H1 09-10 7%

• Core Business
• LPG Trans Cap ~ 3.6 MMTPA (1900 KM)
Petrochemical Segment

(Rs in Cr)
Turnover
10%
1,413 (13%
)
1,234

H1 08-09 H1 09-10

EBITDA
836
(26
%)
26%
620

H1 08-09 H1 09-10

• Only Plant in North India


• Polymer Capacity ~ 410 KTPA
• Drop in Turnover & EBITDA due to lower Product Prices
Liquid Hydrocarbon Segment

(Rs in Cr)
Turnover
10%
1,864
(36
%)

1,199

H1 08-09 H1 09-10

EBITDA
929
5%
(87
%)

121

H1 08-09 H1 09-10

• 7 Plants across India


• Liquid Hydrocarbon Capacity ~ 1.3 MMTPA
• Drop in Turnover & EBITDA due to lower Product Prices
Corporate Mission & Vision

VISION

Be the leading company in natural gas


and beyond with global focus,
committed to customer care, value
creation for all stakeholders and
environment responsibility

MISSION

To accelerate and optimise the effective


and economic use of Natural Gas and
its fractions to the benefit of the
national economy
GAIL – Strategy Implementation

E&P
Upstream

Upstream
LNG Import

Move
Domestic
Source 2

International Opportunity
mission

Business
Marketing, 1
Trans-

Core
Trans., Cross
Country P/L
4
Mid Stream

Gas Processing

Diversification
Petrochemicals

3
diversify
Retail &

City Gas,
Power, Telecom
Gas Demand Supply Assessment

(In MMSCMD)
Sector wise Gas Demand Projection
Source wise Gas Supply Projection
Sector 2009-10 2011-12
Sources 2009-10 11-12
Power 103 127
Fertilizer 56 76 ONGC+OIL (A) 55 51

City Gas / CNG 14 16 Pvt./ JVs (As Per DGH) (B) 60 57


Industrial 17 20 Projected Domestic Supply
115 108
Petrochemicals/ 29 33 (A+B)
Refineries/Internal
Consumption Total LNG Supply (C) 53 83
Sponge iron/Steel 7 8
Total Gas Supply (A+B+C) 168 191
Total 226 280

Source: As per working Group Report for XIth Plan of Planning Commission (November 2006)

Large Demand Supply Gap - Opportunity for Growth.


GAIL – Existing Infrastructure

GAS PIPELINES
7200 KMS
(150 MMSCMD)
RAJASTHAN
LPG PIPELINES JL
PL
PATA LAKWA

1900 KMS L
D VP VIJAIPUR
J,
(3.6 MMTPA) ND HA
R
HV TRIPURA
GA VAGHODIA

GAS PROCESSING USAR


VSPL
7 Plants KG BASIN
(1.3 MMTPA LPG) NATURAL GAS PIPELINE

LPG PIPELINE
PETROCHEMICALS LPG PLANT

PETROCHEM PLANT
410,000 TPA CAUVERY
BASIN
GAIL – Approved Pipeline Projects

CHAINSA-JHAJJHAR-HISSAR Major Pipeline Projects


DADRI-BAWANA-NANGAL LNTH – 443 Kms. #
LNTH – 621 Kms. # NANGAL
Cost – Rs. 1201 Cr. Under
Cost – Rs. 2340 Cr. Add. Cap. – 35MMSCMD Execution
Add. Cap. – 31MMSCMD BAWANA
DADRI
HISSAR
JHAJJAR CHAINSA BAREILLY Approved in 2009

AURAIYA
JAGDISHPUR
MALANPUR
KOTA GAYA

DAHEJ-VIJAIPUR / VIJAYPUR
GREP Upgradation RAJKOT
LNTH – 1108 Kms. JAGDISHPUR-HALDIA
HALDIA LNTH – 2050 Kms. #
Cost – Rs. 10329 Cr. DAHEJ
Add. Cap. – 60MMSCMD Cost – Rs. 7596 Cr.
Add. Cap. – 32MMSCMD

DABHOL

KOLHAPUR GADAG

GOA
DABHOL-BANGALORE KOCHI-MANGALORE-BANGALORE
LNTH – 1389 Kms. # BANGLORE LNTH – 1114 Kms.
Cost – Rs. 4543 Cr. MANGLORE Cost – Rs.3032 Cr.
Add. Cap. – 16MMSCMD Add. Cap. – 16MMSCMD

KANJIKKOD

KOCHI
# Including Spur lines
GAIL – Capacity Built-up
(Length in KM)
15000
13825
(Existing Network) 14000
13000
P/L Cap Lnth
12000 11132
HVJ/DVPL 57 4233 11000
10000 9272
Mumbai 24 125
9000
DUPL/DPPL 12 793 8000 7220
7663

7000
Others 49 2069
6000
TOTAL 142 7220 Existing 2009-10 2010-11 2011-12 2012-13
Length

Additional Infrastructure as per approved schedule


2009-10 2010-11 2011-12 2012-13 Total
Pipelines Cap. Length Cap. Length Cap. Length Cap. Length Length
VDPL - - 40 498 40 - - - 498
DVPL-II - - - 610 78 - - - 610
Chain. Jhajjar 12 443 - - 35 - - - 443
Dadri Baw. Nangal - - 31 595 - - - - 501
Dabhol Bangalore - - - - - - 16 1389 1389
Kochi-Mang/ Bangalore - - - - - - 16 1114 1114
Jagdishpur Haldia - - - - 16 1860 16 190 2050
TOTAL 443 1609 1860 2693 6605
(Length in KM)/(Capacity in MMSCMD)
Projects Envisaged to Secure Future –
(Other Projects)
(Rs in Crores)
FUTURE PROJECTS # 2009-10 2010-11 2011-12 2012-13
NEW CROSS COUNTRY PIPELINE # 2 10 2,000 4,000
KOCHI KAYAMKULAM (SUB SEA) PIPELINE # 5 40 600 105
PIPELINE FOR PATA EXPANSION # 2 5 600 600
REGIONAL PIPELINE 2 366 366 -
Sub Total - Future Pipelines 11 421 3,566 4,705
Equity Contribution in JVs
GAIL GAS Ltd. 335 200 200 200
Brahmaputra Cracker & Polymers Ltd. (BCPL) 188 240 205 60
Ratnagiri Gas & Power (Pvt) Ltd. (RGPPL) 135 70 50 28
ONGC Petro Additions Ltd (OPAL) 550 159 - -
Sub Total - Equity Contribution 1,208 669 455 288
PETROCHEMICALS - PATA CAPEX # 61 148 1,710 2,850
E&P INCLUDING MYANMAR # 292 775 1,374 1,390
DIVERSIFICATION/GLOBALISATION/OTHERS # 54 120 249 297
TOTAL CAPEX 1,625 2,133 7,354 9,530

# Subject to Investment decision by Board/CCEA


Projected Capex – Rs.49155 Cr

17,500
16385
14864
15,000 % share of Capex

20%
12,500

10,000
7639
7,500 10%
5687
4580
5,000 70%

2,500

0
2009-10 2010-11 2011-12 2012-13 2013-14

Pipeline E&P Others

GAIL has a history of Excellent Project Management :


to execute the Project within given time frame and without cost over run
Projected Borrowings – Rs.28700 Cr

Borrowing Portfolio (INR Vs FC)


14,000
76%

12,000 12,500

10,000 10500 24%

INR Loan FC Loan


8,000

Borrowing Portfolio
6,000 40%
21%
4,000 4,500

2,000 3%
4%
1,200 32%
0
2009-10 2010-11 2011-12 2012-13 INR Bonds Term Loan OIDB
ECA FC Loan

ƒ Aggressive Capex Plan calls for Borrowings


ƒ Leverage on GAIL’s current very low debt Equity ratio (0.08:1)
E&P Activities - Secure Future Gas
Supplies

 Total Blocks - 30
ƒ Onshore Blocks - 9
ƒ Offshore Blocks - Deep 13 & Shallow - 5
ƒ CBM Blocks - 3 (Under coring)
ƒ Major Operators - ONGC, GSPC, OIL,
GSPC, Oilex, Daweoo,
Pertogas, Hardy, Eni,
Jubilent, Arrow Energy
ƒ Net investment - Rs.1828 Cr (upto 30.06.09)
ƒ HC Discoveries - Made in 8 Blocks :
Cambay onland, A1& A3
blocks (Myanmar),
Cauvery offshore &
onland, Mahanandi
offshore, Ankleshwar
onland, Block 56 (Oman)
ƒ Operating 2 onland blocks – RJ-ONN-2004/1
(NELPVI) & CY-ONN- 2005/1 (NELP VII)
ƒ Commercial Block - Crude oil from Cambay
Basin
GAIL’s Future

Emerging as a Strong NG Trans Company


with diversified portfolio

Unit FY 2008-09 FY 2012-13


NG Trans Pipeline KM ~7000 ~14000
NG Trans Capacity MMSCMD ~150 ~300
Polymer Capacity MMT ~4 ~8
(incl BCPL)
E&P Revenue Nos. 1 3
Generating Blocks (5 in FY 13-14)
Retail Gas Presence No of 15 ~50
Cities
Immediate Growth Drivers from FY 09-10
onwards
• Additional Gas availability:
• RIL – KG Basin gas from Q1 09-10 onwards
• PLL - RLNG from Q4 09-10 onwards
• Dabhol – RLNG from Q4 09-10 onwards
• ONGC – Natural Gas Supply from marginal fields
• FOCUS ENERGY – Natural Gas Supply from Rajasthan field
• Spot LNG – ongoing basis

• Enhanced Pata Petrochemical Production from Q1 of FY 10-11


onwards
• Upside in Polymer Product Prices
• Lower Subsidy expected as compared to FY 08-09 due to
softening of Crude oil prices
Most Recent Laurels

• Oil Industry Safety Award - 1st rank under Other Processing Plant category
• Dahej-Panvel-Dabhol pipeline project awarded 3rd position in IPMA project
excellence award 2009
• Oil and Gas Transportation Company for the year 2007-08 by Petrofed
• Safety Innovation Award 2008 for excellence in innovative safety measures
• Ranked 2nd among gas utilities in Asia in the Platts Global Ranking of Energy
Companies.
• Top Indian company in the Gas-Processing, Distribution and Marketing Sector
for the Dun & Bradstreet Corporate – Rolta Corporate Awards 2008.
• Most Diversified PSU in the country from Dalal Street Investment Journal.
• Ranked among the Forbes 2000 companies.
• Amity Award for excellence in Human Resources.
• National Award for Excellence in Cost Management from The Institute of Cost
and Works Accountants of India (ICWAI)
• International Safety award from British Safety Council
Conclusion

Strong Financials
Strong GoI Support
Relatively New Asset
Strong Gas Demand
Dominant Position - Transmission
Large Capex Plans in Place
Thank You

Você também pode gostar