GAIL PAYS RS 256.28 CRORE AS DIVIDEND TO THE GOVERNMENT OF INDIA

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GAIL made dividend payment of Rs 256.28 crore to the Government of India for the year 2001-2002 as against Rs.227.80 crore for the year 2000-2001. This year’s dividend is at 45 percent on the Government equity of Rs 569.50 crore. For the previous year 2000-2001, GAIL had paid a dividend at 40 percent.

A Cheque for Rs 256.28 crore was handed over here today to the Minister of Petroleum and Natural Gas, Shri Ram Naik by Shri Proshanto Banerjee, Chairman and Managing Director of GAIL. Dividend payments to all other shareholders are also being made simultaneously.

GAIL has ended the year with record highs in sales as well as profits. Sales (including internal consumption and stock adjustment) during the year were Rs 10,553 crore against Rs 10,087 crore in 2000-01. Earning Before Interest, Depreciation and Tax (EBIDTA) increased to Rs 2,622 crore from Rs 2,350 crore and Profit After Tax increased to Rs 1,186 crore from Rs 1,126 crore in the previous year. Internal generation of resources during the year was higher at Rs 1,779 crore against Rs 1,727 crore in the previous year.