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Petronet LNG Limited has reported a ₹679.22 crore consolidated net profit for the third quarter of financial year 2019-20. This is 15.76 per cent higher than ₹586.73-crore net profit reported in the corresponding quarter of the previous year.
Consolidated total revenue for the period under review declined to ₹8,994.39 crore in the quarter ended December 2019. This is 11.70 per cent lower than ₹10,186.18 crore reported in the comparable quarter in the previous financial year.
A company statement said the company processed 233 trillion British Thermal Units (tBTU) of liquefied natural gas during the quarter. Comparably, Petronet LNG processed 202 tBTU of LNG in the quarter ended December 31, 2018.
“The higher demand was accrued from City Gas Distribution picking up. Small industries, refineries and petrochemicals have also picked up...but demand growth has remained in line,” Prabhat Singh, Managing Director and CEO of Petronet LNG, told reporters after a meeting of the company board.
Singh also said that the softening of LNG prices has boosted demand.
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