Petronet LNG's Q4 Results: Profit rises 45% to Rs 1,070 crore despite a drop in utilisation
Petronet LNG
, the nation's top gas import terminal operator, reported a 45% rise in profit to ₹1,070 crore in the fourth quarter, driven by a reversal of impairment.
Revenue from operations dropped 10% to ₹12,316 crore in the January–March period due to lower utilization of its liquefied natural gas (LNG) terminals. The company processed 205 thousand British thermal units (TBTU) in Jan-March, compared with 234 TBTU in the corresponding quarter last year.
Higher LNG prices in the spot market affected India's imports, leading to lower terminal utilization, Petronet LNG CEO A.K. Singh said. Imports of long-term volumes, priced around $11 per mmBtu during the quarter, remained steady, while the flow of spot cargoes—$3–4 per mmBtu costlier—declined, he added.
The company reversed an impairment charge of ₹234 crore in the March quarter, boosting its profit. It declared a final dividend of ₹3.00 per equity share.
Petronet has unpaid
use-or-pay charges
of ₹1,421 crore related to the past three financial years. It has made a provision of ₹469 crore in this regard.
Petronet expects to complete the capacity expansion at its Dahej terminal by August, Singh said. The capacity, set to rise from 17.5 million tonnes per annum (mtpa) to 22.5 mtpa, has been delayed by a few months, partly due to security concerns amid tensions between India and Pakistan, he added.
Gas demand from the power sector is picking up as temperatures rise across the country, Singh noted, adding that he expects demand to be at similar levels as last summer.
Shares in Petronet LNG, valued at about ₹48,000 crore, ended Monday nearly unchanged at ₹320.75 apiece. The benchmark BSE Sensex closed 0.33% lower.
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