India’s Petronet LNG logs lower quarterly profit, volumes

India’s Petronet LNG reported a drop in its quarterly profit and lower volumes at the company’s two regasification terminals.

Profit after tax or PAT reached 6.14 billion rupees ($75 million) in the January-March quarter, a drop of 18.1 percent when compared to 7.5 billion rupees in the same quarter last year, Petronet said in a statement on Wednesday.

PAT also dropped when compared to 11.8 billion rupees in the prior quarter.

India’s largest LNG importer said its profit before tax or PBT declined by 16.9 percent to 8.18 billion rupees when compared to 9.84 billion rupees last year and it also dropped from 15.8 billion rupees in the prior quarter.

The company has reported highest ever turnover of 59.89 billion rupees in the current financial year as against 43.16 billion rupees in the previous financial year, registering a growth of 39 percent.

“The company was able to achieve robust financial results despite high LNG prices, owing to optimization in its operation,” Petronet said.

During the January-March quarter, Petronet’s 17.5 mtpa Dahej terminal processed 172 TBtu of LNG. This compares to 178 TBtu in the same quarter last year and 154 TBtu in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 185 TBtu. This compares to 190 TBtu in the first quarter last year and 167 TBtu in the previous quarter.

The overall LNG volume processed by the company in the current financial year was 752 TBtu, compared to 847 TBtu in the same period before.

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