India’s Petronet LNG says quarterly profit, volumes down

India’s Petronet LNG reported an 11.2 percent drop in its net profit in the second quarter of fiscal 2021-22 due to lower volumes at its Dahej regasification terminal.

Profit after tax or PAT reached 8.23 billion rupees ($110.9 million) in the July-September quarter, compared to 9.27 billion rupees last year.

However, India’s largest LNG importer said its PAT increased when compared to 6.36 billion rupees in the prior quarter.

During the quarter, Petronet’s Dahej terminal processed 225 TBTU of LNG. This compares to 243 TBTU in the same quarter last year and 194 TBTU in the previous quarter, according to Petronet.

Including the Kochi facility, the overall LNG volumes reached 240 TBTU. Petronet said this compares to 254 TBTU last year and 209 TBTU in the previous quarter.

Besides the 17.5 mtpa Dahej terminal and the 5 mtpa Kochi plant on the west coast of India, Petronet is working on a new FSRU-based import facility at the Gopalpur port in Odisha as it looks to establish its presence on the eastern coast of the country.

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