Latest news with #PetronetLNGLtd
Time of India
3 days ago
- Business
- Time of India
CGD to drive India's gas demand, set to become biggest consumer
India's city gas distribution sector is set to become the top natural gas consumer, overtaking fertiliser plants. This growth is fueled by expanding CNG and piped gas networks. Natural gas consumption is projected to increase significantly in the coming years. However, India will rely on LNG imports to meet the rising demand. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The city gas distribution (CGD) sector is expected to surpass fertiliser plants this year to become the largest consumer of natural gas in India, thanks to the fast growth of CNG and piped gas networks, industry leaders said on which encompasses supply of CNG as fuel to automobiles, and piping gas to household kitchens for cooking as well as to industries, accounts for 21.22 per cent of the near 200 million standard cubic meters per day of gas consumption in the country. Natural gas consumption is likely to rise to 300-250 mmscmd in the next 7-10 years, GAIL Director (Marketing) Sanjay Kumar said while speaking at the 11th CGD Conference here."Fertiliser sector consumes 60 mmscmd and this is likely to remain the same as no new fertiliser plants are on the anvil," he said."CGD sector consumption could go up to 100 mmscmd from 41.1 mmscmd usage in February/March 2025."Anjani Kumar, Head (Gas Origination & BD), Shell Energy LNG, said, "CGD could very well become the largest consumption sector this year itself."The CGD sector will drive India's ambition to raise the share of natural gas in energy basket to 15 per cent from the current 7 per domestic production is insufficient to meet the demand and the country has to necessarily rely on imports of liquefied natural gas (LNG).Gas demand, he said, has grown 35 mmscmd in the last three years and 80 per cent of this has been met through roughly half of the gas requirement is met through CGD sector is experiencing rapid growth, driven by government initiatives, increased infrastructure investments, and a shift towards cleaner energy sources. City gas licences have been given out for almost the entire country in the recent auctions. The country now has over 8,000 CNG stations and 1.5 crore households using piped natural gas for cooking Kumar said domestic gas production can rise to 130-135 mmscmd in next 4-6 years as per the projections made by the national oil companies. The production will "mature" by then and is unlikely to go up, he said. Petronet LNG Ltd MD & CEO A K Singh said the peak domestic production would not last long as fields mature. "We will be dependent on imported gas in future."Petronet operates two of the eight LNG import facilities in the country. Its Dahej import terminal in Gujarat is being expanded to 22.5 million tonnes per annum capacity from 17.5 million tonnes over the next 3-4 months."Dahej is the world's biggest LNG import terminal," he said, adding that though capacity-wise it ranks 7th or 8th in the world, but because of full capacity utilisation throughout the year, it is the world's busiest terminal."Dahej handles 270-275 cargoes in a year," he Dahej, Petronet has a 5 million tonnes a year import facility at Kochi in Kerala that even after 12 years of commissioning operates at only 20-25 per cent of its capacity as not all consumers in the vicinity are connected with pipelines to take the fuel, he said the Kochi to Bengaluru pipeline is likely to be completed by end 2025, which will help maximise utilisation of the import terminal.
Time of India
20-05-2025
- Business
- Time of India
Petronet LNG FY25 PAT rises 11%to ₹3,926 cr; Q4 profit at ₹1,070 cr
New Delhi: Petronet LNG Ltd reported a profit after tax (PAT) of ₹3,926 crore for the financial year ended March 31, 2025, registering an 11 per cent increase over ₹3,536 crore recorded in the previous financial year. The company also posted its highest-ever profit before tax (PBT) of ₹5,275 crore in FY 2024–25, compared to ₹4,757 crore in FY 2023–24. This is the first time Petronet LNG's PBT crossed ₹5,000 crore in a financial year. The company achieved its highest-ever overall LNG throughput of 934 trillion British thermal units (TBTU) in FY 2024–25, as against 919 TBTU in the previous fiscal. Dahej terminal processed 876 TBTU during the year, up from 865 TBTU in FY 2023–24. For the quarter ended March 31, 2025, the company reported a PBT of ₹1,446 crore and PAT of ₹1,070 crore, which were the highest ever for any fourth quarter. In the same quarter last year, PBT and PAT stood at ₹996 crore and ₹738 crore respectively. In the previous quarter (Q3 FY25), PBT was ₹1,169 crore and PAT ₹867 crore. Total LNG volume processed in Q4 FY25 stood at 205 TBTU, compared to 234 TBTU in Q4 FY24 and 228 TBTU in Q3 FY25. The Dahej terminal processed 189 TBTU in the March 2025 quarter, compared to 219 TBTU in the year-ago quarter and 213 TBTU in the preceding quarter. During the quarter, offtakers made a payment of ₹360.94 crore towards outstanding Use or Pay dues pertaining to the calendar year 2021. The company stated that the financial performance for FY 2024–25 was achieved due to efficiency in operations and higher capacity utilisation. The Board of Directors has recommended a final dividend of ₹3.00 per share.
Time of India
19-05-2025
- Business
- Time of India
Petronet reports highest quarterly net profit in Q4 on getting offtake default fee
New Delhi: Petronet LNG Ltd, India biggest gas importer , on Monday reported its highest-ever quarterly profit during January-March after gas off-takers paid for volumes they had defaulted on previously. Net profit of ₹1,070.18 crore in January-March - the fourth quarter of April 2024 to March 2025 fiscal - was 23.4 per cent higher than ₹737.68 crore earning a year back, according to a company's stock exchange filing. The company received ₹360.94 crore in use or pay charges from offtakers for the volumes that they had committed to bring at the import terminals but did not bring since 2021. With domestic production of natural gas - used to generate electricity, produce fertilizer and turned into CNG to run automobiles and used in kitchens for cooking - barely meeting half of the country's demand, the fuel is imported as LNG. LNG is natural gas that has been cooled to about minus 162 degrees Celsius to turn it into a liquid. This reduces its volume by about 600 times, making it much easier and more cost-effective to store and transport by ships. Petronet processed 205 trillion British thermal unit in Q4, down from 234 TBtus a year back and 228 TBtus in the preceding quarter, company CEO and Managing Director A K Singh told reporters in an earnings call. The lower volumes were due to less spot or current market priced liquefied natural gas (LNG) being imported due to high prices. While the price of LNG bought under long-term contracts is in the range of USD 11 per million British thermal unit, the spot price was USD 14-15. This "impacted the flow" of spot cargoes, he said. The price is "narrowing down (in the current quarter) to USD 11-11.5 per mmBtu. It is expected that things will improve," he said. On expansion of the firm's mainstay Dahej import facility in Gujarat, Singh said the commissioning of expanded capacity has been pushed to July/August "because of some loss of productivity after heightened security measures were imposed (in view of armed conflict with Pakistan) and the expansion project being undertaken within an operational plant area which imposes safety restrictions." Petronet was to originally expand Dahej capacity to 22.5 million tonnes from current 17.5 million tonnes by March 2025. The March deadline, he said, was a "stretched target" to get the expansion completed earlier and June 2025 was the actual target. "We are catching up very fast... 90 per cent progress is already achieved," he said. Singh said Petronet posted a record profit of ₹3,926.37 crore in the 2024-25 (FY25) fiscal, up from ₹3,536.20 crore in the previous year. The company processed 934 TBtus of LNG in the fiscal, up from 919 TBtus in FY24. In the notes to the accounts, Petronet said trade receivables as of March 31, 2025 include 'use-or-pay' (UoP) dues of ₹1,421.56 crore (gross) (₹952.41 crore (net) after making a provision of ₹469.15 crore). "These dues have arisen due to lower capacity utilisation by customers under long-term regasification agreements entered into by the company. These UoP dues pertain to FY 2022-23 (calendar year 2022): ₹694.29 crore, FY 2023-24 (CY 2023): ₹610,00 crore, and FY 2024-25 (CY 2024): Rs. 117.27 crore," it said. UoP charges rise when a customer or offtaker of gas commits to using the import facility but fails to bring in the promised volumes. "During FY 2023-24, the (Petronet) Board approved a recovery mechanism for UoP dues relating to CY 2021 and CY 2022, in accordance with agreements reached with customers. As part of this arrangement, the company received ₹360.94 crore against CY 2021 dues during the current quarter (Q4) and year (FY25)," it said. Some of the customers have brought LNG quantities up to March 31, 2025, for which revenue has been recognised at the prevailing regasification rate. Correspondingly, the company has waived off UoP dues amounting to ₹183.71 crore in FY25, which consists of ₹32.71 crore for CY 2021 and ₹151 crore for CY 2022. The company has also obtained bank guarantees from customers to secure recovery of these dues. "The Board, at its meeting held on January 27, 2025, approved a recovery mechanism for UoP dues pertaining to CY 2023, in line with the earlier years. The company is in the process of implementing this mechanism, which includes securing bank guarantees from customers," it said. "While some customers have not provided balance confirmations for the UoP dues, management remains confident of recovery, as the amounts are contractually obligated." As a measure of prudence, the company has made a time-based provision of ₹469.15 crore as of March 31, 2025 (₹358.02 crore as of March 31, 2024).
The Hindu
05-05-2025
- General
- The Hindu
Kerala's first tribal panchayat gets a ‘smart' panchayat office
After 15 years of its formation, Edamalakkudy, the first tribal panchayat in the State, has a central office system with K-Smart facility. Minister for Local Self-Governments M.B. Rajesh will inaugurate the renovated panchayat office at Societykudy on Tuesday. Edamalakkudy panchayat secretary Arun Kumar N. said the building had been constructed at a cost of ₹4.2 lakh. 'Certificates will now be issued by the Edamalakkudy panchayat through K-Smart that makes available services of local self-government institutions on a uniform platform,' said Mr. Kumar. Panchayat president Eshwari said that 850 families in the 236-sq km area of the panchayat would benefit from the move. Earlier, people had to travel 35 km off-road to go to the panchayat office at Devikulam, incurring around ₹6,000 in transportation cost alone. 'Now, people can come to the panchayat office and avail themselves of various services on the same day,' she said. Wild elephant attack The panchayat office remained in Devikulam since the formation of the grama panchayat in 2010 because of a lack of mobile connectivity and other infrastructure in Societykudy. In 2022, it was decided to shift the panchayat headquarters to Societykudy in phases. An office was set up, but wild elephants destroyed the building. The area has an active presence of wild animals, including elephants. 'To keep wild animal at bay, a trench has been dug around one hectare of land in the area,' said the official. The people of Edamalakkudy will get an ambulance with four-wheel drive from Tuesday. The Kochi-based Petronet LNG Ltd. purchased the vehicle from its CSR fund. 'Through the ambulance facility, the patients can reach the hospital off-road quickly,' said an official. Devikulam Subcollector V.M. Jayakrishnan will flag off the ambulance service. Idukki MP Dean Kuriakose will inaugurate the community hall, and district panchayat president Joseph Kuruvila and Ms. Eshwari will inaugurate two anganwadis. Munnar Divisional Forest Officer (DFO) will hand over to the Local Self-Governments Minister the documents of the land allotted to the panchayat for developmental activities. Idukki Collector V. Vigneshwari will attend the function.
Business Standard
22-04-2025
- Business
- Business Standard
Petronet LNG Ltd up for fifth session
Petronet LNG Ltd is quoting at Rs 316.3, up 0.86% on the day as on 12:44 IST on the NSE. The stock is up 7.08% in last one year as compared to a 8.14% jump in NIFTY and a 12.22% jump in the Nifty Energy. Petronet LNG Ltd rose for a fifth straight session today. The stock is quoting at Rs 316.3, up 0.86% on the day as on 12:44 IST on the NSE. The benchmark NIFTY is up around 0.26% on the day, quoting at 24189.3. The Sensex is at 79605.1, up 0.25%. Petronet LNG Ltd has added around 3.98% in last one month. Meanwhile, Nifty Energy index of which Petronet LNG Ltd is a constituent, has added around 1.97% in last one month and is currently quoting at 34640.75, down 0.05% on the day. The volume in the stock stood at 10.17 lakh shares today, compared to the daily average of 18.77 lakh shares in last one month. The benchmark April futures contract for the stock is quoting at Rs 315.4, up 0.64% on the day. Petronet LNG Ltd is up 7.08% in last one year as compared to a 8.14% jump in NIFTY and a 12.22% jump in the Nifty Energy index. The PE of the stock is 13.08 based on TTM earnings ending December 24.
