India’s Petronet LNG reports higher profit, volumes

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

Profit after tax or PAT reached 11.91 billion rupees ($143.2 million) in the October-December quarter, a rise of 0.9 percent when compared to 11.8 billion rupees in the same quarter in 2022.

PAT also rose when compared to 8.18 billion rupees in the prior quarter.

India’s largest LNG importer said its profit before tax or PBT rose to 15.97 billion rupees compared to 15.86 billion rupees in 2022 and also from 11 billion rupees in the prior quarter.

During the October-December quarter, Petronet’s 17.5 mtpa Dahej terminal processed 218 TBtu of LNG. This compares to 154 TBtu in the same quarter in 2022 and 210 TBtu in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 232 TBtu. This compares to 167 TBtu in the same quarter in 2022 and 223 TBtu in the previous quarter.

During the nine months ended December 31, 2023, the Dahej terminal processed 646 TBTU of LNG as against 532 TBTU during the corresponding period in 2022, while Petronet’s total volumes reached 685 TBTU, and compares to 567 TBTU in the same period in 2022.

Petronet said 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 LNG terminal.

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