Petronet LNG Posts Record Profit in FY24

New Delhi, May 22 (PTI) Petronet LNG Ltd -- India's largest liquefied natural gas importer -- on Wednesday reported a 20 per cent rise in the March quarter net profit on the back of importing higher LNG volumes.

For the entire 2023-24 fiscal (April 2023 to March 2024), Petronet reported highest-ever net profit of Rs 3,536 crore on the back of a 22 per cent growth in volume throughput.

The net profit reported in the March quarter was Rs 738 crore as compared with Rs 614 crore in the same period of the previous year, Petronet MD & CEO Akshay Kumar Singh told reporters.

The profit was, however, lower than Rs 1,191 crore earned in the preceding quarter.

During the current quarter ended March 31, Petronet's mainstay Dahej terminal in Gujarat processed 219 trillion British thermal units (TBTU) of LNG as against 218 TBTU during the previous quarter ended December 31, 2023 and 172 TBTU during the corresponding quarter of the previous fiscal.

The overall LNG volume processed by the company during the January-March period was the highest ever at 234 TBTU, as against the LNG volume processed in the previous and corresponding quarters, which stood at 232 TBTU and 185 TBTU, respectively.

During the financial year ended March 31, 2024, Dahej terminal processed 865 TBTU of LNG as against 704 TBTU processed during the previous financial year ended March 31, 2023.

The overall LNG volume processed by the company in the current financial year was 919 TBTU, as against the LNG volume processed in the previous financial year, which stood at 752 TBTU.

"The company was able to achieve robust financial results riding on stable LNG prices and achieving efficiency and optimization in its operation," Singh said.

Considering the robust performance, the board of directors of the company has approved a final dividend of Rs 3 per share.