Petronet LNG Q3 Results: Net Profit rises by 1.2% to Rs 1,191 crore

The country's largest LNG [Liquified Natural Gas] importer has announced its October-December quarter results which has witnessed a marginal increase of 1.2 percent growth having consolidated profit standing at Rs 1,191 crore.

Petronet LNG Q3 Results: Net Profit rises by 1.2% to Rs 1,191 crore

The third quarter results of Petronet LNG for FY24 have gained marginal growth in terms of previous numerical value, up from Rs 1,181 crore in Q3FY23. While, on a sequential basis, profit was 46% higher than the Rs 814.9 crore in the previous quarter. The public sector company's revenue from operations for the quarter is Rs 14,747.2 crore, 6.5 % lower than the Rs 15,775 crore registered in the corresponding quarter of the previous financial year.

The Profit Before Tax is reported to be Rs 1,597 crore in Q3FY24 which is higher than the Rs 1,586 crore in Q3FY23. Whereas, the overall LNG volume processed by the company in FY24 was 685 TBTU as compared to 567 TBTU in the first nine months of FY23. Meanwhile, the growth has been attributed to the efficient operations and higher capacity utlization provided by the LNG terminal at Gujarat's Dahej.

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Dahej is recorded to be the largest single location for LNG storage and regasification terminal in the country as the terminal processed 647 trillion British thermal units of LNG in the first nine months of FY24 concerning 532 tBtu in the previous financial year.

The company's upcoming terminal at Gopalpur port in Ganjam District, Odisha will be connected to a major pipeline while linking with the national gas grid before it is completed.

 

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It is currently under construction with an approximate expenditure of Rs 2,300 crore and would be the first eastern coast terminal of the company.

Petronet's terminals currently processed 40% more LNG in the quarter from a year earlier as lower global gas prices have boosted the domestic demand and growth.

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