Petronet LNG reports 52.3% growth in net profits, in talks for availing undelivered cargoes
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Petronet LNG declared a dividend of ₹7 per equity share. | Photo Credit: The Hindu
State-owned Petronet LNG reported 53.2% growth in net profits in the September-end quarter, driven by improved operational efficiency, although cargoes from its most prominent supplier, Qatar, continued to be affected because of the reignited conflict in West Asia.
The company also declared a dividend of ₹7 per equity share.
The country’s largest LNG importer’s net profit stood at ₹1,235 crore in the reported quarter against ₹806 crore in the same period last year.
Revenue from operations although declined about 35% during the period to ₹7,200.35 crore.
The company processed 231 trillion British Thermal Units (TBTU) during the period, higher than 228 TBTU it processed in the same period last year.
Overall capacity utilisation in the reported quarter narrowed to 64% against 78% in the same period last year.
Capacity utilisation at their Dahej terminal stood at 73% against 92% in the comparable period last year.
Speaking to the press, Akshay Kumar Singh, Chairman and Managing Director (CMD) informed that the company was also in talks with QatarEnergy to secure delivery of the cargoes that could not be delivered because of the force majeure.
“On the sidelines, we also discuss if they would be able to give more cargoes before the contractual date. If there is a requirement in the country, we will take that as well,” he said.
The supplier has declared forced majeure until December-end.
Mr. Singh told reporters that the contractual terms have provisions to recoup the lost cargoes for one year after the expiry of the current contract period, that is, May 2028.
He stated that Petronet LNG lost an average 9-10 cargoes each month in the last eight months, thus, about 75-80 cargoes whilst it has received 6 cargoes from the supplier.
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