Petronet Q1 net profit jumps 40% on higher gas volumes

Petronet LNG Ltd, India's largest liquefied natural gas importer, on Wednesday reported a 40% jump in its first quarter net profit as peak summer season demand led to increased imports.

Consolidated net profit of ₹1,100.76 crore in April-June - first quarter of current fiscal - compared with ₹787.73 crore earnings in the same period a year back, according to a stock exchange filing by the company.

Revenue from operations rose 15% to ₹13,415.13 crore.

On a media call, Petronet managing director & CEO Akshay Kumar Singh said the company processed the highest-ever quarterly volume of 262 trillion British thermal units in April-June, 14% higher than the year-ago period and 12% more than 234 TBTUs processed in the preceding quarter.

"This year due to the very harsh summer, demand for gas from the power sector soared. The power sector consumed 20 million standard cubic meters per day as against 4-5 mmscmd in off-peak season," he said.

Petronet's mainstay Dahej import facility in Gujarat saw capacity utilisation soar to 109% in the quarter, as against 97% in the preceding quarter and 96% in the year-ago period.

Singh said Dahej processed the highest-ever gas of 248 TBTU as against 217 TBTUS a year back and 219 TBTU in the January-March period.

The Dahej facility recorded the highest-ever single-day sendout of 3.15 TBTU, equivalent to one full shipload of 1,38,000 cubic meters capacity, he said.

The company was able to achieve higher throughout and robust financial results owing to stable LNG prices, better capacity utilisation of its terminals and efficiency in its operations, he said, adding that import LNG averaged USD 11.5-12 per million British thermal units.

Petronet is on track to raise the capacity of the Dahej terminal from 17.5 million tonnes a year to 22.5 million tonnes next year.