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Petronet LNG on Friday reported a ₹562.95-crore net profit for Q2 FY19, 4.39 per cent lower than the ₹588.78 net profit seen in Q2 FY18.
The company’s board has declared a special interim dividend of ₹5.50 per equity share (of face value ₹10). The record date for determining the entitlement for payment of interim dividend is fixed as November 17, 2018.
The lower profit is despite total revenue being 37.91 per cent higher at ₹10,856.82 crore (₹7,872.16 crore).
The YoY lower net profit was because the company had received tax benefits under Section 80 (IA) of the I-T Act in the same quarter of FY18, said Peronet LNG’s MD and CEO Prabhat Singh.
“The significant increase in profits is due to higher volumes processed owing to increase in the regasification capacity of the Dahej Terminal and better efficiency in operations,” a company statement said.
The bottomline was also hit by pay revision arrears that were settled during the quarter under review, according to a company official.
During the quarter ending September 30, 2018, Petronet LNG processed 217 thousand British thermal units (tBtu) of LNG. During the corresponding quarter of the last financial year, the company processed 220 tBtu of LNG. The company’s Dahej terminal has operated at around 110 per cent of its nameplate capacity and processed volume of 211 tBtu of LNG in the current quarter, as against 210 tBtu in the corresponding quarter.
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