Petronet LNG Q2 Profit Rises 4% on Higher Capacity Utilization

New Delhi, Oct 24 (PTI) Petronet LNG Ltd, India's biggest liquefied natural gas importer, on Thursday reported 4 per cent rise in its second quarter profit on higher capacity utilisation at its flagship Dahej import terminal in Gujarat.

Net profit was Rs 848 crore in July-September - the second quarter of current 2024-25 fiscal year - as compared to Rs 818 crore earning in the same period a year back. This however was lower than record Rs 1,142 crore profit in the preceeding quarter.

Petronet CEO and Managing Director A K Singh said throughput at Dahej terminal rose by 7 per cent in the second quarter when compared with the year-ago period.

"During the quarter ended September 30, 2024 (current quarter), Dahej terminal processed 225 trillion British thermal units (TBTU) of LNG as against 210 TBTU during the corresponding quarter ended September 30, 2023 and 248 TBTU during the previous quarter ended June 30, 2024," he told reporters on a media call.

The overall LNG volume processed by the company in the current quarter was 239 TBTU, up from 223 TBTU last year but lower than 262 TBTU in the preceeding quarter.

During the half year of the financial year, Dahej terminal processed highest ever 473 TBTU of LNG as against 428 TBTU during the corresponding half year ended September 30, 2023.

The highest ever overall LNG volume processed by the company in the first half year was 501 TBTU, as against the LNG volume processed in the corresponding half year, which stood at 453 TBTU.

During April-September, the company reported net profit of Rs 1,989 crore as against the Rs 1,608 crore in the corresponding half year.

Singh said considering the performance, the Board of Directors of the Company has approved a interim dividend of Rs 7 per share.

"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," he added.