Petronet LNG logs higher quarterly profit, volumes

During the July-September quarter, the 17.5 mtpa Dahej LNG terminal processed 225 TBtu of LNG, up compared to 210 TBtu in the same quarter last year.

Dahej volumes dropped compared to the record 248 TBtu of LNG in the previous quarter.

Petronet said the overall LNG volume processed by the company reached 239 TBtu in the July-September quarter.

This marks a rise compared to 223 TBtu in the same quarter last year and drop compared to 262 TBtu in the prior quarter.

Moreover, profit after tax or PAT reached 8.48 billion rupees ($101 million) in the quarter under review, a rise of 4 percent compared to the same quarter in 2023.

Petronet’s PAT dropped compared to 11.42 billion rupees in the prior quarter.

The company said its profit before tax or PBT rose 3 percent to 11.40 billion rupees compared to 11.01 billion rupees in the same quarter last year, while it dropped compared to 15.20 billion rupees in the previous quarter.

Petronet said the “robust financial performance of the current quarter and half year was achieved due to efficiency in operations and higher capacity utilization of the Dahej terminal.”

The company recently 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.