Petronet LNG’s This autumn Outcomes: Revenue rises 45% to Rs 1,070 crore regardless of a drop in utilisation
Income from operations dropped 10% to ₹12,316 crore within the January–March interval on account of decrease utilization of its liquefied pure fuel (LNG) terminals. The corporate processed 205 thousand British thermal items (TBTU) in Jan-March, in contrast with 234 TBTU within the corresponding quarter final 12 months.
Increased LNG costs within the spot market affected India’s imports, resulting in decrease terminal utilization, Petronet LNG CEO A.Okay. Singh mentioned. Imports of long-term volumes, priced round $11 per mmBtu throughout the quarter, remained regular, whereas the movement of spot cargoes—$3–4 per mmBtu costlier—declined, he added.
The corporate reversed an impairment cost of ₹234 crore within the March quarter, boosting its revenue. It declared a last dividend of ₹3.00 per fairness share.
Petronet has unpaid use-or-pay fees of ₹1,421 crore associated to the previous three monetary years. It has made a provision of ₹469 crore on this regard.
Petronet expects to finish the capability enlargement at its Dahej terminal by August, Singh mentioned. The capability, set to rise from 17.5 million tonnes each year (mtpa) to 22.5 mtpa, has been delayed by a number of months, partly on account of safety issues amid tensions between India and Pakistan, he added.Fuel demand from the ability sector is selecting up as temperatures rise throughout the nation, Singh famous, including that he expects demand to be at related ranges as final summer season.
Shares in Petronet LNG, valued at about ₹48,000 crore, ended Monday practically unchanged at ₹320.75 apiece. The benchmark BSE Sensex closed 0.33% decrease.
