Liquefied natural gas (LNG) dispenses through pipes on-board a tanker. (Photographer: Jason Alden/Bloomberg)

Petronet LNG Posts Record Profit Of Rs 522 Crore In March Quarter

Petronet LNG Ltd., the nation’s biggest importer of liquefied natural gas, reported its highest quarterly net profit in three-months ending March on higher gas volume.

Net profit increased 11 percent year-on-year to Rs 522.76 crore in the fourth quarter, Prabhat Singh, Managing Director said today. The record quarterly profit is due to “higher volumes processed and better efficiencies in operations,” he said.

Imported gas processed by the company rose 18 percent to 213 trillion British thermal unit (TBtus) in the fourth quarter of the financial year 2017-18. It’s mainstay Dahej import terminal in Gujarat processed 17 percent higher gas to 207 TBtus, he said.

Sales rose 34 percent to Rs 8,739.63 crore.

For the full fiscal, the company clocked 21 percent higher net profit of Rs 2,078 crore - the highest ever. The firm processed 16 percent higher gas at its Dahej and Kochi import terminals in Kerala at 848 TBtus.

Singh said that the company board has recommended a dividend of Rs 4.5 per share (45 percent), entailing a payout of Rs 813.78 crore including dividend distribution tax.

Also read: Petronet LNG Hopes To Get Clearance For $350-Million Sri Lanka Project By August