PNGRI8 vide as order dated 27" September 2018 has issued tariff order for final initial unit tartlf for GSPL gas pipeline network. The order is effective from 1st April 2018. Pending finalization of levelized zonal tariff, GSPL had accounted onbilled revenue pertaining to the period 1st April 2018 to 30th September 2018 of Rs 218.25 crore in July-Sep quarter of FY 2018-19. PNGRB vide its order dated 10" December. 2018 has issued final zonal tariff for GSPL gas pipeline network which has been implemented In Oct-Dec quarter of FY 2018-19.

Operating margins fell 700 bps to 77.8% during quarter ended December 2018 as other expenses rose 570 bps to 17.7% as a percentage of adjusted net sales while employee benefit expenses increased 130 bps to 4.5%.

Operating profit increased 19% to Rs 353.19 crore. Other income decreased 37% to Rs 7.62 crore leading to 17% increase in PBDIT to Rs 360.81 crore. Interest cost rose 904% to Rs 55.06 crore. Depreciation fell 1% to Rs 43.98 crore. As a result PBT was up 1% at Rs 261.77 crore. Considering 370 bps rise in effective rate of taxes to 33.7% GSPL reported a 4% decrease in bottom-line to Rs 173.55 crore.

For 9MFY19 GSPL reported a 47% increase in income from operations to Rs 1443.36 crore compared to corresponding previous year period. On segment basis gas transportation revenue rose 48% to Rs 1412.03 crore while electricity revenues increased 6% to Rs 34.12 crore.

Operating margins fell 340 bps to 84.1% leading to 41% increase in operating profit to Rs 1213.3 crore. Other income decreased 9% to Rs 51.45 crore leading to 38% increase in PBDIT to Rs 1264.75 crore. Interest cost rose 572% to Rs 168.72 crore. Depreciation was up 1% to Rs 132.43 crore. As a result PBT was up 27% at Rs 963.61 crore. Considering 80 bps rise in effective rate of taxes to 33.4% GSPL reported a 25% increase in bottom line to Rs 641.35 crore.

The scrip is currently trading at Rs 163