Petronet’s third-quarter net profit falls 27% to Rs 866.59 cr

New Delhi: Petronet LNG on Monday reported a 27.19 per cent decline in its consolidated net profit for the October-December quarter ₹866.59 Crore.

During the same period in the previous financial year, the company’s net profit was ₹1,190.30 crore.

In a first-class decline, its profits fell year over year. Operating income for the quarter under review was ₹122,268.6 million, a decrease of 17.09% ₹14,747.21 crore earned in Q3 FY24, regulatory filings show.

However, compared to the previous quarter, Petronet’s third-quarter net profit rose from 2.07%. ₹848.99 Crore in Q2.

“In the current nine months, the company reported its highest ever PBT ₹38.29 crore, as against the corresponding 9-month PBT ₹3,761 crore. Highest ever PAT stands in current nine-month period ₹2,856 cr against ₹There were 2,799 CRs in the corresponding nine months. A statement from the company said: “The solid financial results for the quarter were supported by operational efficiencies and higher capacity utilization at the Dahej terminal.”

In the October-December quarter, Dahej Terminal processed 213 TBTU of LNG in the corresponding quarter ended December 31, 2023, compared with TBTU in the September 2024 quarter. At the end of the period, 218 TBTU were conducted during the corresponding quarter.

“The company’s overall LNG volumes processed during the current quarter (Q3) were 228 TBTU, while inversely, the corresponding LNG volumes were 232 TBTU and 239 TBTU,” it said.

Expansion plan

Speaking on the expansion plans of Dahej LNG terminal in Gujarat, Managing Director and CEO Akshay Kumar Singh said the company is completing the path to expansion from 17.5 million tonnes per annum to 225,000 tonnes per annum. MMTPA at the end of the ongoing financial year.

“Our internal target is end of FY25. More than 80 per cent physical progress has been made. Almost all materials are on site and hopefully this expansion will happen on time,” he said.

On plans to set up a terminal at Gopalpur in Odisha, he said the state government has provided the land required to set up a land-based LNG terminal and the project is “moving well” and the company is working on the design and engineering. project. He added that recommendations from the district authorities would soon be cleared for the environment.

Promoted by state-run energy majors Bharat Petroleum Corporation Ltd (BPCL), Gail (India) Ltd (Gail), Indian Oil Corporation Limited (IOCL) and Oil and Natural Gas Corporation Ltd (ONGC), Petronet operates in line with the government’s efforts to achieve energy security goal.

Petronet shares closed on BSE ₹311.20 on Monday, down 3.52% from the previous closing price.