India’s Petronet LNG says logs highest-ever quarterly profit

India’s Petronet LNG reported its highest-ever quarterly profit despite lower volumes at its Dahej and Kochi terminals.

Profit after tax or PAT reached 11.4 billion rupees ($152 million) in the October-December quarter, a rise of 39 percent over the previous quarter and 30 percent when compared to the same period in 2020, Petronet said.

India’s largest LNG importer said its profit before tax or PBT increased 39 percent when compared to the prior quarter and 31 percent year-on-year. PBT reached 15.3 billion rupees ($204.1 million) in the fourth quarter.

Both PAT and PBT were the highest-ever, according to Petronet.

During the quarter, Petronet’s 17.5 mtpa Dahej terminal processed 196 TBTU of LNG. This compares to 222 TBTU in the same quarter last year and 225 TBTU in the previous quarter.

Including the 5 mtpa Kochi facility, the overall LNG volumes reached 208 TBTU. Petronet said this compares to 235 TBTU last year and 240 TBTU in the previous quarter.

Petronet also said it has booked “use or pay charges” of 3.47 billion rupees ($46.3) for the calendar year 2021 on account of lower capacity utilization by its customers and recognized the same as income in the profit and loss.

“In spite of the challenges of the Covid-19 pandemic and high spot prices, the company was able to achieve robust results owing to efficient commercial management,” Petronet said.

At the moment, India imports LNG via six facilities with a combined capacity of 42.5 million tonnes.

LNG imports dropped last year due to very high spot prices. In the April-December period, India paid $8.7 billion for LNG imports, compared to $5.4 billion in the same period in the year before despite a drop of 2.4 percent in volumes.

Most Popular

Venture Global to introduce gas to tenth Plaquemines liquefaction block

US LNG exporter Venture Global LNG has received approval from the US FERC to introduce natural gas to the tenth liquefaction block at the Plaquemines LNG terminal in Louisiana as part of the plant’s commissioning process.

Excelerate’s FSRU arrives in Germany

Excelerate’s 138,000-cbm FSRU Excelsior has finally arrived in Germany, where it will start serving DET's second LNG import terminal in Wilhelmshaven.

Kimmeridge’s Commonwealth LNG seeks expedited approval from FERC

Kimmeridge's Commonwealth LNG is seeking expedited final approval from the US FERC as it looks to make a final investment decision on its planned LNG export plant in Louisiana later this year.

More News Like This

India’s LNG imports slightly down in March

India's liquefied natural gas (LNG) imports decreased by 0.3 percent year-on-year in March, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.

India’s Petronet LNG appoints new finance chief

India’s largest importer of liquefied natural gas, Petronet LNG, has appointed Saurav Mitra as its new chief financial officer.

Petronet inks Gopalpur LNG deal

India’s largest LNG importer, Petronet LNG, has signed a memorandum of understanding with the government of Odisha to build an LNG terminal in Gopalpur.

India boosts LNG imports in February

India's monthly liquefied natural gas (LNG) imports continue to rise, preliminary data from the oil ministry’s Petroleum Planning and Analysis Cell shows.