India’s Petronet LNG reports higher profit, volumes

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

Profit after tax or PAT reached 7.90 billion rupees ($96 million) in the April-June quarter, a rise of 13 percent when compared to 7.01 billion rupees in the same quarter last year, Petronet said in a statement.

PAT also rose when compared to 6.14 billion rupees in the prior quarter.

India’s largest LNG importer said its profit before tax or PBT rose by 13 percent to 10.6 billion rupees when compared to 9.37 billion rupees last year and it also rose from 8.18 billion rupees in the prior quarter.

The PBT and PAT of the current quarter are the highest ever reported by the company in the first quarter of any of the previous financial years, it said.

“The company was able to achieve higher throughput and robust financial results due to better capacity utilization of its terminals and efficiency in its operations,” Petronet said.

During the April-June quarter, Petronet’s 17.5 mtpa Dahej terminal processed 217 TBtu of LNG. This compares to 196 TBtu in the same quarter last year and 172 TBtu in the previous quarter.

The Dahej terminal reached a capacity utilization of 96 percent in the current quarter, as against 76 percent in the previous quarter and 87 percent in the corresponding quarter, Petronet said.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 230 TBtu. This compares to 208 TBtu in the second quarter last year and 185 TBtu in the previous quarter.

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