India’s Petronet LNG logs higher quarterly profit

India’s Petronet LNG reported a rise in its quarterly profit despite lower volumes at the company’s Dahej and Kochi regasification terminals.

Profit after tax or PAT reached 7.5 billion rupees ($96.6 million) in the January-March quarter, up 20 percent when compared to 6.2 billion rupees the same quarter last year, Petronet said in a statement on Thursday.

However, PAT dropped when compared to record 11.4 billion rupees in the prior quarter.

India’s largest LNG importer said its profit before tax or PBT rose 15 percent to 9.84 billion rupees when compared to 8.56 billion rupees last year but it dropped from 15.3 billion rupees in the fourth quarter.

In addition, Petronet has reported highest ever PBT and PAT during fiscal 2021-22.

PBT stood at 44.74 billion rupees ($576.4 million) in fiscal 2021-22 as against PBT of 39.68 billion rupess in the prior year.

Petronet said PAT was 33.52 billion rupees during fiscal 2021-22, compared to 29.49 billion rupees in the yer before.

During the January-March quarter, Petronet’s 17.5 mtpa Dahej terminal processed 178 TBTU of LNG. This compares to 204 TBTU in the same quarter last year and 196 TBTU in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 190 TBTU. This compares to 218 TBTU last year and 208 TBTU in the previous quarter.

“The company was able to achieve robust financial results owing to efficient commercial management inspite of high and volatile spot gas prices during the year,” Petronet said.

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