Companies

Petronet LNG net profit jumps nearly 2x on lower tax

Our Bureau New Delhi | Updated on October 30, 2019 Published on October 30, 2019

Petronet LNG board declares 55 per cent dividend

Petronet LNG has reported a ₹1,089 crore consolidated net profit for the quarter ending financial year 2019-20.

This is nearly twice the ₹572.89 crore net profit reported by the company in the same quarter of the preceding year.

The company's Board of Directors has also declared special interim dividend of ₹5.50 per equity share (of the face value of ₹10 each) for the financial year 2019-2020.

Total revenue however declined to ₹9458.70 crore during the period under review from ₹10856.82 crore in the comparable quarter of the preceding fiscal.The higher profit can be attributed to lower tax incidence.

“The Company elected to exercise the option of lower tax rate of 25.17 per cent under Sec 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019.”

“Accordingly, the deferred tax liabilities (net) (DTL) as at 30 June 2019 and estimate of tax expense for the quarter ended 30th June 2019 have been remeasured and resultant impact of ₹376 crore on DTL and ₹70 crore respectively pertaining to previous quarter have been recognised in the current quarter,” the statement added.

Published on October 30, 2019
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