Petronet LNG logs lower profit, volumes

During the October-December quarter, the 17.5 mtpa Dahej LNG terminal processed 213 TBtu of LNG, down compared to 218 TBtu in the same quarter in 2023.

Dahej volumes also dropped compared to 225 TBtu in the previous quarter.

Petronet said the overall LNG volume processed by the company reached 228 TBtu in the October-December quarter.

This marks a drop compared to 223 TBtu in the same quarter in 2023 and a drop compared to 239 TBtu in the prior quarter.

Moreover, profit after tax or PAT reached 8.67 billion rupees ($100.3 million) in the quarter under review, a drop compared to 11.91 billion rupees in the same quarter of 2023.

Petronet’s PAT rose compared to 8.48 billion rupees in the previous quarter.

The company said its profit before tax or PBT reached 11.69 billion rupees ($135.3 million) in the quarter under review.

This marks a drop compared to 15.97 billion rupees in the same quarter in 2023, while PBT rose compared to 11.40 billion rupees in the previous quarter.

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 terminal.”

Last year, Petronet launched two 180,000 cbm LNG tanks at the Dahej terminal in western Gujarat state.

These two tanks add to six existing storage tanks at the Dahej terminal with a total capacity of 932,000 cbm.

In addition, Petronet is currently expanding its Dahej LNG terminal with about 5 mtpa of new capacity,

The company expects the 5 mtpa additional capacity at the Dahej terminal to be available by March 2025.