New Delhi: Petronet LNG’s profit jumped nearly by half in the quarter ended March, driven by “efficiency in operations and higher capacity utilization”.
The company reported a 45.4% year-on-year rise in its consolidated net profit for the quarter to ₹1,067.58 crore, according to its exchange filing. Its profit after tax stood at ₹734.07 crore a year earlier.
The company’s total income for the period under review was ₹12,513.15 crore, 10.28% lower than ₹13,946.80 crore earned in fourth quarter of FY24. Its profit rose despite the decline in revenue because of lower expenses.
The joint venture of GAIL Ltd, Bharat Petroleum Corp. Ltd, Indian Oil Corp. Ltd and ONGC reported a 14.5% year-on-year fall in its expenses at ₹11,070.04 crore. The expenditure on the ‘cost of materials consumed’, largely liquefied natural gas (LNG) in this case, fell to ₹10,831.61 crore in the March quarter compared with ₹12,438.47 crore a year earlier.
During the current quarter, some offtakers or gas buyers paid outstanding dues worth ₹360.94 crore pertaining to 2021, which added to Petronet’s income and profits.
Dahej terminal processed 189 trillion British thermal units (tbtu) of LNG during the quarter against 219 tbtu a year earlier and 213 tbtu in the previous quarter. The overall LNG volume processed by the company in January-March stood at 205 tbtu versus 234 tbtu during the same quarter of the previous fiscal.
For the financial year 2024-25 (FY25), Petronet LNG’s net profit increased 10.11% to ₹3,883.92 crore against ₹3,527.02 crore in the previous fiscal.
In the last fiscal, the Dahej terminal processed LNG volume of 876 tbtu as against 865 tbtu in FY24. Its overall LNG volume rose to the highest ever at 934 tbtu in FY25 against 919 tbtu processed in the previous financial year.
“Considering the robust performance, the Board of Directors of the company has recommended a final dividend of ₹3 per share,” the Petronet LNG statement said.
The company’s shares on the BSE closed 0.03% higher at ₹320.75 on Monday.
