Petronet LNG net profit up 8% in Q1

Our Bureau | | Updated on: Aug 05, 2022

India’s largest gas importer posted its highest ever turnover of ₹14,264 crore in Q1 FY23

State-run Petronet LNG reported an 8 per cent Y-o-Y growth in consolidated net profit at ₹725 crore in the April-June quarter of the current financial year.

However, on a sequential basis, the country’s biggest natural gas importer reported an 8 per cent decline in consolidated net profit compared to ₹791 crore in Q4 FY22.

Petronet LNG reported its highest ever turnover of ₹14,264 crore in Q1 FY23, against ₹8,598 crore in Q1 FY22 and ₹11,160 crore in Q4 FY22.

The company’s total expenses during the June quarter were higher by 72 per cent on a Y-o-Y basis at ₹13,469 crore. On a Q-o-Q basis, the expenses were higher by 31 per cent.

“We achieved our highest ever turnover in Q1 FY23. The company was able to achieve robust financial results despite high LNG prices, owing to optimisation in its operation,” Petronet LNG Chief Executive Officer AK Singh said.

Due to foreign exchange volatility, the lease liability has an accounting impact of foreign exchange loss amounting to ₹124 crore, as per the provisions of the relevant Indian Accounting Standards (Ind AS), he added.

During the June quarter, Dahej terminal processed 196 trillion British thermal units (TBTU) of liquefied natural gas (LNG) against 194 TBTU processed during the year-ago quarter and 178 TBTU processed in Q4 FY22. The overall LNG volume processed by the company stood at 208 TBTU against 209 TBTU in Q1 FY22 and 190 TBTU in Q4 FY22.

Published on August 05, 2022
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