Petronet LNG net profit grows 53.2 per cent in September-end quarter
The state-owned company is in discussions with QatarEnergy to secure cargoes affected by force majeure in West Asia.
State-owned Petronet LNG reported a 53.2 per cent growth in net profits for the September-end quarter, according to The Hindu. The company's net profit stood at ₹1,235 crore during the period, compared to ₹806 crore in the same quarter last year.
Revenue from operations declined by approximately 35 per cent to ₹7,200.35 crore. The company processed 231 trillion British Thermal Units (TBTU) during the quarter, which was higher than the 228 TBTU processed in the same period last year.
Capacity utilisation at the Dahej terminal was 73 per cent, down from 92 per cent in the comparable period last year. Overall capacity utilisation for the reported quarter narrowed to 64 per cent against 78 per cent last year.
Petronet LNG Chairman and Managing Director (CMD) Akshay Kumar Singh said the company is in talks with QatarEnergy to secure the delivery of cargoes that could not be delivered due to force majeure. The supplier has declared force majeure until the end of December.
Mr Singh stated that the company lost an average of 9-10 cargoes each month over the last eight months, totaling about 75-80 cargoes, while receiving 6 cargoes from the supplier. He noted that contractual terms allow for the recouping of lost cargoes for one year after the current contract period expires in May 2028.