CMP 452.

00
Target Price 493.00
ISIN: INE129A01019
SEPTEMBER 8
th
2014

GAIL (INDIA) LIMITED
Result Update (PARENT BASIS): Q1 FY15
BUY
Index Details
Stock Data
Sector Oil & Gas
BSE Code 532155
Face Value 10.00
52wk. High / Low (Rs.) 475.00/291.25
Volume (2wk. Avg.) 111000
Market Cap (Rs. in mn.) 573352.96
Annual Estimated Results (A*: Actual / E*: Estimated)
YEARS FY14A FY15E FY16E
Net Sales 575079.30 642363.58 706599.94
EBITDA 75997.10 79771.30 85044.59
Net Profit 43752.70 43836.57 46508.28
EPS 34.49 34.56 36.66
P/E 13.10 13.08 12.33
Shareholding Pattern (%)

1 Year Comparative Graph

GAIL (INDIA) LTD S&P BSE SENSEX

SYNOPSIS
GAIL (India) Ltd is India's flagship Natural Gas
Company, engages in the exploration, production,
processing, transmission, distribution, and
marketing of natural gas.
Total Income of Rs. 135446.60 million in the first
quarter of Financial Year 2014-15, an increase of
4.53% y-o-y as against Rs. 129574.80 million in
the corresponding period last financial year.
Profit after tax was at Rs. 6214.40 million in Q1
FY15 as against Rs. 8081.70 million in Q1 FY14.
In Q1 FY15, net sales from Natural Gas Marketing
increased by 6% to Rs 116690.00 mn as against
Rs 110590.00 mn in the corresponding quart er
of the previous year.
The revenues from LPG transmission have
increased by 26% to Rs. 12600.70 million as
against Rs. 10037.40 million in the corresponding
period last year.
The companys estimated investment for the
Jagdishpur, Phulpur, Haldia pipeline project is
about Rs 100000.00 mn. The first phase of the
pipeline will have a capacity of 16 MMSCMD
which would be augmented to 32 MMSCMD in the
second phase.
GAIL would soon invite new contracts for laying
pipelines to carry LNG from Petronet Terminal at
Puthuvype, near Kochi to Mangalore.
Net Sales and PAT of the company are expected to
grow at a CAGR of 14% and 5% over 2013 to
2016E respectively.

PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND
Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%)
Gail (India) Ltd 452.00 573352.96 34.49 13.10 2.12 104.00
Petronet LNG Ltd
187.30 140025.00 8.58 21.76 2.81 20.00
Gulf Oil Corporation Ltd
171.00 8526.50 11.47 15.00 0.74 125.00
Castrol India Ltd
391.00 193076.70 9.21 42.39 38.31 70.00

Recommendation & Analysis - BUY
GAIL (India) Ltd registered a Net sales of Rs. 133722.30 million in the first quarter of Financial Year 2014-15, an
increase of 3.66% as against Rs. 128998.00 million in the corresponding period during the last financial year.
During the quarter, Operating profit was Rs. 12172.70 million against Rs. 15660.30 mn in the corresponding
period last year. In Q1 FY14, GAILs Profit after tax was at Rs. 6214.40 million as against Rs. 8081.70 million in
the corresponding period of the previous year. During the first quarter of the current financial year net sales
from Natural Gas Marketing increased by 6% to Rs 116690.00 mn as against Rs 110590.00 mn in the
corresponding quarter of the previous year. The revenues from LPG transmission have increased by 26% to Rs.
12600.70 million as against Rs. 10037.40 million in the corresponding period last year.
GAILs 2,050 km Jagdishpur, Phulpur, Haldia natural gas pipeline, to be built at an estimated investment of Rs
10,000 crores, will serve as the Energy Highway to carry the efficient and environment-friendly fuel to West
Bengal, Bihar, Jharkhand and Uttar Pradesh. The city gas distribution network would be laid in Patna during the
first phase of the Jagdishpur Phulpur - Haldia project. Priority shall be assigned to cities of Gaya, Mujaffarpur
and Bhagalpur. In addition to transport and households sector, the pipeline will supply natural gas to several
industries in the region including Fertilizer, Power, Steel and other Large, Medium and Small industries. The CGD
work shall be taken up in other cities in a phased manner based on demand assessment and techno-economic
feasibility in those cities. The City Gas Distribution network would touch 40% of the States population. The
petrochem portfolio of GAIL which is presently 0.45 Million Tons per annum is expected to increase to 1.6 Million
Tons per annum by 2015. Over FY2013-16E, we expect the company to post a CAGR of 14% and 5% in its top-
line and bottom-line respectively. Hence, we recommend BUY for GAIL (India) Ltd with a target price of
Rs. 493.00 on the stock.










QUARTERLY HIGHLIGHTS (PARENT BASIS)
Results updates- Q1 FY15,
GAIL (India) Ltd, a natural gas company is into
exploration, production, processing, transmission,
distribution and marketing of natural gas in India,
reported its financial results for the quarter ended
30
th
June, 2014. During the quarter, the increase in
revenue is mainly due to higher sale in Natural Gas
Marketing and LPG & Liquid Hydrocarbons business.
Rs. In million June-14 June-13 % Change
Net Sales 133722.30 128998.00 3.66
PAT 6214.40 8081.70 (23.11)
EPS 4.90 6.37 (23.11)
EBITDA 12172.70 15660.30 (22.27)

The companys Revenue for the June quarter of FY15 rose by 3.66% to Rs. 133722.30 million from Rs. 128998.00
million, when compared with the prior year period. During the quarter, net profit stood at Rs. 6214.40 million
against Rs. 8081.70 million in the corresponding quarter ending of previous year. In Q1 FY15, earnings per share
of the company stood at Rs. 4.90 a share against Rs.6.37 a share, over previous year period. Profit before interest,
depreciation and tax is Rs. 12172.70 million as against Rs. 15660.30 million in the corresponding period of the
previous year.
Break up of Expenditure:
Total expenditure of the company during the June quarter of FY15, has rose up by 8% mainly on account of
Employee benefit Expenses 13%, Purchase of Stock in Trade 11% and other Expenditure to Rs. 125610.40
million against Rs. 116722.60 million in the corresponding quarter of previous year.

Break up of Expenditure
Rs. Millions
Q1 FY15 Q1 FY14
Consumption of Raw
Materials
10555.40 10495.40
Other Expenditure 9839.90 8721.80
Employee Benefit Expenses 2273.50 2004.20
Depreciation & Amortization
Expense
2336.50 2808.10
Purchase of Stock in Trade 106646.40 96472.50




Segment Revenue

Latest Updates
The companys estimated investment for the Jagdishpur, Phulpur, Haldia pipeline project is about Rs
100000.00 mn. The first phase of the pipeline will have a capacity of 16 MMSCMD which would be
augmented to 32 MMSCMD in the second phase.
GAIL would soon invite new contracts for laying pipelines to carry LNG from Petronet Terminal at
Puthuvype, near Kochi to Mangalore.
Physical Performance in Q1 FY15
LPG transmission during the first quarter of the current financial year increased by 19% to 8, 32,000 MT as
against 6, 99,000 MT during the corresponding quarter in the previous financial year.
The Natural gas transmission during the first quarter of the current financial year was 96.91 MMSCMD as
against 99.32 MMSCMD in the corresponding quarter of the last year
Polymer sales during the first quarter of FY 2014-15 stood at 87,000 metric tonnes (MT) against 1,21,000
MT during the corresponding quarter in the previous year.
LPG and other Liquid hydrocarbons sales was 3,24,000 MT as against 3,50,000 MT in the corresponding
quarter in the previous year.
The quantity of polymer production stood at 98,000 MT as against 1, 17,000 MT, LPG and other Liquid
hydrocarbons production was 3,27,000 MT as against 3,49,000 MT in the corresponding quarter of the
previous year.

COMPANY PROFILE
GAIL (India), a natural gas company is into exploration, production, processing, transmission, distribution and
marketing of natural gas. It was incorporated in August 1984. The state-owned gas major has a market share of
78% in natural gas transmission and 70% in marketing with plans to double up the existing transportation
capacity in the next two to three years. It has 27 oil and gas exploration blocks and 3 coal bed methane blocks.
In order to meet the growing appetite of Indian market, GAIL has been expanding its global presence to secure
long term gas supplies. GAIL earlier signed a 20 year Sales and Purchase Agreement with Sabine Pass
Liquefaction LLC, a unit of Cheniere Energy Partners, USA for supply of 3.5 million tonnes per year of LNG. In
addition, the company has signed long-term LNG supply contract for 2.5 million tonnes with Gazprom Marketing
and Trading Ltd., Singapore for 20 years. GAIL has also signed a Terminal Service agreement for 2.3 millions
tonnes per year LNG liquefaction capacity with Dominion Cove Point LNG, USA
GAIL (India) Limited, is India's flagship Natural Gas company, integrating all aspects of the Natural Gas value
chain (including Exploration & Production, Processing, Transmission, Distribution and Marketing) and its related
services. In a rapidly changing scenario, the company spearheading the move to a new era of clean fuel
industrialization, creating a quadrilateral of green energy corridors that connect major consumption centres in
India with major gas fields, LNG terminals and other cross border gas sourcing points. GAIL is also expanding its
business to become a player in the International Market.
Today, GAIL's Business Portfolio includes:
10700 km of Natural Gas high pressure trunk pipeline with a capacity to carry 210 MMSCMD of natural
gas across the country
Two LPG Pipelines covering 2038 Km with a capacity of 3.8 MMTPA of LPG
7 LPG Gas Processing Units to produce 1.4 MMTPA of LPG and other liquid hydrocarbons
North India's only gas based integrated Petrochemical plant of 410,000 TPA polymer capacities which is
further being expanded to a capacity of 900,000 TPA.
The Company also has 70% equity share in Brahmaputra Cracker and Polymer Limited (BCPL) which is
setting up a 280,000 TPA polymer plant in Assam.
GAIL is a co-promoter with 17% equity stake in ONGC Petro-additions Limited (OPaL) which is
implementing a green field petrochemical complex of 1.1 MMTPA Ethylene capacities at Dahej in the
State of Gujarat.
GAIL has 31.52% stake along with NTPC as equal partner in JV Company, RGPPL at Dabhol which
operates largest gas based power generation facility in the country and is also setting up 5 MMTPA LNG
terminal.
Exploration & Production and currently has stakes in 30 E&P blocks including 3 blocks overseas (in
Myanmar & US).
13,000 km of OFC network offering highly dependable bandwith for telecom service providers
Joint venture companies in Delhi, Mumbai, Hyderabad, Kanpur, Agra, Lucknow, Bhopal, Agartala and
Pune, for supplying Piped Natural Gas (PNG) to households and commercial users, and Compressed
Natural Gas (CNG) to the transport sector
Participating stake in the Dahej LNG Terminal and the upcoming Kochi LNG Terminal in Kerala
GAIL Gas Limited, a wholly owned subsidiary of GAIL (India) Limited, was incorporated on May 27, 2008
for the smooth implementation of City Gas Distribution (CGD) projects. GAIL Gas Limited is a limited
company under the Companies Act, 1956.
Established presence in the CNG and City Gas sectors in Egypt through equity participation in three
Egyptian companies: Fayum Gas Company SAE, Shell CNG SAE and National Gas Company SAE.
Stake in China Gas Holding to explore opportunities in the CNG sector in mainland China
A wholly-owned subsidiary company GAIL Global (Singapore) Pte Ltd in Singapore.
GAIL has formed Subsidiaries and Joint Venture companies for City Gas Distribution and Petrochemicals. GAIL is
one of the pioneers to introduce City Gas Projects in India for gas supplies to households, commercial users and
for the transport sector by forming Subsidiaries/ Joint Venture Companies.
Global Presence
GAIL has formed a wholly-owned subsidiary company, GAIL Global (Singapore) Pte Ltd. in Singapore for
pursuing overseas business opportunities including LNG & petrochemical trading.
GAIL has also established a wholly owned subsidiary, GAIL Global (USA) Inc. in Texas, USA. The US subsidiary
has acquired 20% working interest in an unincorporated joint venture with Carrizo Oil & Gas Inc in the Eagle
Ford shale acreage in the state of Texas.
GAIL has a representative office in Cairo, Egypt to pursue business opportunities in Africa and Middle East.
GAIL is also an equity partner in two retail gas companies in Egypt, namely Fayum Gas Company (FGC) and
National Gas Company (Natgas). Besides, GAIL is an equity partner in a retail gas company involved in city
gas and CNG business in China China Gas Holdings Limited (China Gas). Further, GAIL and China Gas have
formed an equally owned joint venture company GAIL China Gas Global Energy Holdings Limited for
pursuing gas sector opportunities primarily in China.
Joint Ventures
Aavantika Gas Limited
Bhagyanagar Gas Limited
Central U.P. Gas Limited
GAIL China Gas Global Energy Holdings
Limited
Green Gas Limited
Indraprastha Gas Limited
Mahanagar Gas Limited
Maharashtra Natural Gas Limited
ONGC Petro-additions Limited
Petronet LNG Limited
Ratnagiri Gas and Power Private Limited
Tripura Natural Gas Corporation Limited
Subsidiaries
Brahmaputra Cracker and Polymer Limited (BCPL)
GAIL Gas Limited
GAIL Global (Singapore) Pte Limited
GAIL Global (USA) Inc.
















FINANCIAL HIGHLIGHT (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions)

Balance Sheet as at March31, 2013 -2016E
GAIL (INDIA) LTD. FY13A FY14A FY15E FY16E
SOURCES OF FUNDS



Shareholder's Funds

Share Capital 12684.80 12684.80 12684.80 12684.80
Reserves and Surplus 229593.20 258038.50 285132.54 313645.80
1. Sub Total - Net worth 242278.00 270723.30 297817.34 326330.60
Non Current Liabilities

Long term borrowings 81407.80 95260.90 109550.04 122696.04
Deferred Tax Liabilities 23000.60 25663.70 28358.39 30627.06
Other Long term Liabilities 6850.70 7711.70 8598.55 9458.40
Long Term Provisions 3595.80 4040.40 4484.84 4888.48
2. Sub Total - Non Current Liabilities 114854.90 132676.70 150991.81 167669.98
Current Liabilities

Short Term Borrowings 2237.40 0.00 0.00 0.00
Trade Payables 31037.60 39748.30 44716.84 49188.52
Other Current Liabilities 42081.20 40475.40 41082.53 41493.36
Short Term Provisions 14352.80 14489.60 14721.43 14868.65
3. Sub Total - Current Liabilities 89709.00 94713.30 100520.80 105550.53
Total Liabilities (1+2+3) 446841.90 498113.30 549329.96 599551.10
APPLICATION OF FUNDS

Non-Current Assets

Fixed Assets

i. Tangible assets 189875.50 207280.20 223862.62 238413.69
ii. Intangible assets 7199.00 7486.10 7710.68 7864.90
iii. Capital Work in Progress 89778.20 97278.50 104088.00 110333.27
a) Total Fixed Assets 286852.70 312044.80 335661.29 356611.86
b) Non-current investments 36800.50 41030.00 44927.85 48971.36
c) Long Term loans and advances 25914.90 25351.20 25731.47 25988.78
d) Other non-current assets 6731.90 7184.10 7643.88 8026.08
1. Sub Total - Non Current Assets 356300.00 385610.10 413964.49 439598.07
Current Assets

Current Investment 389.50 0.00 0.00 0.00
Inventories 15353.30 22547.60 28347.39 34057.16
Trade receivables 25513.40 28119.90 30763.17 33224.22
Cash and Bank Balances 23579.40 26509.80 29293.33 32222.66
Short-terms loans & advances 25558.60 35143.60 46740.99 60184.28
Other current assets 147.70 182.30 220.58 264.70
2. Sub Total - Current Assets 90541.90 112503.20 135365.46 159953.03
Total Assets (1+2) 446841.90 498113.30 549329.96 599551.10

Annual Profit & Loss Statement for the period of 2013 to 2016E
Value(Rs.in.mn) FY13A FY14A FY15E FY16E
Description 12m 12m 12m 12m
Net Sales 475226.90 575079.30 642363.58 706599.94
Other Income 7645.10 8985.20 11680.76 12264.80
Total Income 482872.00 584064.50 654044.34 718864.73
Expenditure -410534.70 -508067.40 -574273.04 -633820.14
Operating Profit 72337.30 75997.10 79771.30 85044.59
Interest -1950.20 -3661.90 -4452.87 -5209.86
Gross profit 70387.10 72335.20 75318.43 79834.73
Depreciation -9809.40 -11761.50 -11879.12 -12235.49
Exceptional Items 0.00 3449.50 0.00 0.00
Profit Before Tax 60577.70 64023.20 63439.31 67599.24
Tax -20355.70 -20270.50 -19602.75 -21090.96
Net Profit 40222.00 43752.70 43836.57 46508.28
Equity capital 12684.80 12684.80 12684.80 12684.80
Reserves 229593.20 258038.50 285132.54 313645.80
Face value 10.00 10.00 10.00 10.00
EPS 31.71 34.49 34.56 36.66

Quarterly Profit & Loss Statement for the period of 31
st
DEC 2013 to 30
th
SEP, 2014E
Value(Rs.in.mn) 31-Dec-13 31-Mar-14 30-Jun-14 30-Sep-14E
Description 3m 3m 3m 3m
Net sales 160385.20 145671.60 133722.30 139071.19
Other income 2081.90 4107.30 1724.30 2646.80
Total Income 162467.10 149778.90 135446.60 141717.99
Expenditure -137489.30 -131272.80 -123273.90 -128501.78
Operating profit 24977.80 18506.10 12172.70 13216.21
Interest -912.50 -1055.80 -931.80 -1136.80
Gross profit 24065.30 17450.30 11240.90 12079.42
Depreciation -3008.00 -3057.00 -2336.50 -2364.54
Exceptional Items 3449.50 0.00 0.00 0.00
Profit Before Tax 24506.80 14393.30 8904.40 9714.88
Tax -7712.80 -4673.00 -2690.00 -2739.60
Net Profit 16794.00 9720.30 6214.40 6975.28
Equity capital 12684.80 12684.80 12684.80 12684.80
Face value 10.00 10.00 10.00 10.00
EPS 13.24 7.66 4.90 5.50


Ratio Analysis
Particulars FY13A FY14A FY15E FY16E
EPS (Rs.) 31.71 34.49 34.56 36.66
EBITDA Margin (%) 15.22 13.22 12.42 12.04
PBT Margin (%) 12.75 11.13 9.88 9.57
PAT Margin (%) 8.46 7.61 6.82 6.58
P/E Ratio (x) 14.25 13.10 13.08 12.33
ROE (%) 16.60 16.16 14.72 14.25
ROCE (%) 25.20 23.98 22.50 21.66
Debt Equity Ratio 0.35 0.35 0.37 0.38
EV/EBITDA (x) 8.75 8.45 8.19 7.81
Book Value (Rs.) 191.00 213.42 234.78 257.26
P/BV 2.37 2.12 1.93 1.76
Charts


OUTLOOK AND CONCLUSION
At the current market price of Rs.452.00, the stock P/E ratio is at 13.08 x FY15E and 12.33 x FY6E
respectively.
Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.34.56 and
Rs.36.66 respectively.
Net Sales and PAT of the company are expected to grow at a CAGR of 14% and 5% over 2013 to 2016E
respectively.
On the basis of EV/EBITDA, the stock trades at 8.19 x for FY15E and 7.81 x for FY16E.
Price to Book Value of the stock is expected to be at 1.93 x and 1.76 x respectively for FY15E and FY16E.
We recommend BUY in this particular scrip with a target price of Rs.493.00 for Medium to Long term
investment.
INDUSTRY OVERVIEW
India Energy sector
India is the fourth largest primary energy consumer, after China, USA and Russia. It accounts for more than 4.5%
of the total global annual energy consumption. In India, 818 million people, or around two-thirds of the
population, rely on traditional biomass almost twice as many as in China, which is ranked second in world. As
per India Energy Congress (IEC)-2013 on Securing Tomorrows Energy Today - Policy & Regulations, if India
grows at the rate of 8% or more, higher than average demand for energy will persist.
The Indian economy over the period has seen an upward trend and despite the recent slowdown, the energy
consumption has been rising. Coal is the mainstay of Indias energy sector and accounts for over 50% of primary
commercial energy supply as well as the total power generated in the country, 73.8% of which comes
from coal based thermal power stations. The next big share of energy portfolio in India is dominated by
hydrocarbons and less than 10% of energy comes from other sources like hydro, renewables and nuclear.
Natural gas accounts for roughly 8 % of the energy mix of India.
As per the International Energy Agency (IEA) - Energy Outlook, India will become the second-largest coal
consumer surpassing the United States and the largest coal importer by 2025. Oil demand in India will reach
more than 8mb/d (million barrels/day) in 2035, with road transport taking the largest share. Demand is
expected to grow briskly in India to over 110 Billion Cubic Metre (BCM) of natural gas. Residential demand for
liquefied petroleum gas (LPG) and kerosene will also account collectively for nearly 1 mb/d. Between 2020 and
2035, solar capacity will also increase rapidly in India by about 75 GW. After 2025, the focus of energy demand
shall shift within developing Asia towards India and, to a lesser extent, towards Southeast Asia.
Natural Gas Sector Overview
Demand and Supply
For the period 2008-13, India's natural gas consumption consistently exceeded domestic gas production, leading
to increased dependence on LNG imports to meet the shortfall. While India's total consumption of natural gas
rose from 41.3 BCM (113.16 MMSCMD) in 2008 to 51.4 BCM (161 MMSCMD) in 2013, the domestic production
over the same period was 30.5 BCM (83.57 MMSCMD) in 2008 and 33.7 BCM (92 MMSCMD) in 2013. Power,
Fertilizer, LPG, Steel and Petrochemicals have been the key consumption drivers of natural gas.
The total LNG imports required to meet the demand-domestic supply gap was 10.79 BCM (29.56 MMSCMD) in
2008 which further rose to 17.8 BCM (48.8 MMSCMD) in 2013. Qatar has historically been the main supplier of
LNG to India contributing 86.3% of volumes imported in 2013 and nigeria remains the second largest supplier
with 5.2% of volumes in 2013. Yemen contributed close to 4% of imported LNG in 2013. Other countries such as
Norway, Algeria, Egypt, and Brunei supplied the remaining of India's import needs.
Policy Initiatives
In order to deal with the widening demand-supply gap for gas, and with an aim to attract investments in the gas
sector, the central government is taking the following steps:
Intensification of domestic E&P activities through NELP round X.
Domestic Natural Gas price hike
Development of LNG terminals
Approval of shale gas and oil exploration policy
Outlook
Gas Consumption
As per IEA Energy Outlook 2013 for India, gas consumption is expected to remain constrained in the short to
medium term due to reduced domestic gas production and the high cost of imported LNG. However,
consumption shall pick up again in the later part of the decade, as the supply situation improves, with the
power sector leading the way and accounting for almost half of total gas use by 2035 (80 BCM out of a total of
170 BCM). Consumption in the transport sector is also set to increase strongly, to reach 18 BCM. India is already
one of the global pace-setters for natural gas vehicles.



















Disclaimer:
This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale
of any financial instrument or as an official confirmation of any transaction. The information contained herein is
from publicly available data or other sources believed to be reliable but do not represent that it is accurate or
complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of its affiliates shall
not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the
information contained in this report. This document is provide for assistance only and is not intended to be and must
not alone be taken as the basis for an investment decision.







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