Petronet’s Q3 net profit down 27% y-o-y to ₹866.59 cr

New Delhi: Petronet LNG on Monday reported a 27.19% fall in its consolidated net profit for the October-December quarter at ₹866.59 crore.

During the same period of last fiscal, the company's net profit stood at ₹1,190.30 crore. 

Its profits declined year-on-year amid a fall in topline. Revenue from operations for the quarter under review was ₹12,226.86 crore, lower by 17.09% from ₹14,747.21 crore earned in the third quarter of FY24, showed a regulatory filing.

However, compared to the previous quarter, Petronet's Q3 net profit rose 2.07% from ₹848.99 crore in Q2.

“During the current nine months, the company has reported highest ever PBT of ₹3,829 crore as against the PBT of corresponding nine months of ₹3,761 crore. The highest ever PAT of the current nine months stood at ₹2,856 Cr as against ₹2,799 Cr in the corresponding nine months. The robust financial performance of the current quarter and nine months was achieved due to efficiency in operations and higher capacity utilization of the Dahej Terminal,” a statement from the company said.

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In the October-December quarter, Dahej terminal processed 213 trillion British thermal units (TBTU) of LNG as against 218 TBTU during the corresponding quarter ended 31 December 2023 and 225 TBTU during the quarter-ended September of 2024.

"The overall LNG volume processed by the company in the current quarter (Q3) was 228 TBTU, as against the LNG volume processed in the corresponding and previous quarters, which stood at 232 TBTU and 239 TBTU, respectively," it said.

Expansion plan

Speaking on the expansion plans of the Dahej LNG terminal in Gujarat, managing director and chief executive officer Akshay Kumar Singh said during a virtual press conference that the company is well on its way to complete the expansion from the 17.5 million metric tonne per annum to 22.5 mmtpa by the end of the ongoing financial year.

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“Our internal target is FY25 end. Physical progress of over 80% has been achieved. Almost all materials are at the site and hopefully this expansion will be happening on time,” he said.

On the plans to set up a terminal in Gopalpur, Odisha, he said that the state government provided the required land for setting up a land-based LNG terminal and the project is “moving well” and the company is working on the design and engineering of the project. He added that recommendations from the district authorities for environmental clearance are expected soon.

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Promoted by state-run energy majors Bharat Petroleum Corporation Ltd (BPCL), GAIL (India) Ltd (GAIL), Indian Oil Corporation Ltd (IOCL) and Oil and Natural Gas Corporation Ltd (ONGC), Petronet is scaling its operations in line with the government's target of achieving energy security.

Petronet's shares on the BSE closed at ₹311.20 on Monday, lower by 3.52% from its previous close.