Petronet LNG on Thursday reported a surge of 4% in its consolidated net profit on year at Rs 848.99 crore in the quarter ended September. However, on a sequential basis, the company’s net profit declined by as much as 23% due to a decline in the revenue from operations.
The company’s revenue from operations for the period stood at Rs 13,024.29 crore, up from Rs 12,532.57 crore in the second quarter of the previous fiscal year, but fell 3% from the previous quarter. Total income increased by 4.2% to Rs 13,225.94 crore from the same period a year ago.
The Board of Directors declared an interim dividend of Rs. 7 per equity share with a face value of Rs. 10 each.
During the quarter ended 30th September 2024, the company’s Dahej terminal processed 225 trillion british thermal units of LNG as against 210 TBTU during the corresponding quarter of FY24 and 248 TBTU during the previous quarter. The overall LNG volume processed by the company in the current quarter was 239 TBTU, as against 223 TBTU in Q2FY24 and 262 TBTU in Q1FY25.
During the half year ended September 30, the terminal processed the highest ever 473 TBTU of LNG as against 428 TBTU during the corresponding period of last fiscal, it said. The highest ever overall LNG volume processed by the company during Apr-Sep period stood at 501 TBTU as against 453 TBTU processed in the corresponding period last year.
“The robust financial performance of the current quarter and half year was achieved due to efficiency in operations and higher capacity utilization of the Dahej terminal,” the company said.
Petronet LNG is in advanced discussions with the Odisha government to secure land to set up a new LNG import terminal in Gopalpur, Managing Director Akshay Kumar Singh said. The company expects the unit with a total capacity of 5 million tonnes to start operations by 2027.
Singh further noted that the expansion of its Dahej terminal will increase the company’s total LNG import capacity by 5 million tonnes to 27.5 million tonnes.
The company is now looking to tie up long term LNG supply deals as it expects the expansion of the Dahej terminal to be completed by the end of this financial year. Singh sees the consumption of LNG in the country to improve further from next year.
From: financialexpress
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