State-run Petronet LNG on Monday reported a marginal 1.3 per cent year-on-year and 42 per cent quarter-on-quarter growth in its consolidated net profit at ₹1,213 crore for the October-December quarter in FY24. The company had reported a consolidated net profit of ₹1,197 crore in Q3 FY23 and ₹856 crore in Q2 FY24.
The country’s largest liquefied natural gas importer’s consolidated total income during Q3 FY24 stood at ₹14,904 crore (₹5,956 crore in Q3 FY23 and ₹12,686 crore in Q2 FY24).
Its total expenses during the December quarter in Q3 FY24 stood at ₹13,307 crore (₹14,375 crore in Q3 FY23 and ₹11,587 crore in Q2 FY24).
Use or Pay charges
“Pursuant to the relevant provision under long-term regasification contracts entered by the Holding Company, income towards ‘Use or Pay charges’ (UoP) of ₹610 crore for Calendar year (CY) 2023 during the quarter ended December 31, 2023, (₹848.92 crore for CY22 during the quarter ended December 31, 2022, and ₹431.02 crore for CY21 during financial year 2021-22) have been recognised as other operating income in the statement of profit and loss, arising out of lower capacity utilisation by its customers,” the company said in a results filing on the BSE.
Balance confirmation against UoP dues of ₹848.92 crore for CY22 and ₹415,91 crore (excluding GST) for CY21 are yet to be received, he added.
“During the current quarter, the Board of Directors of the Holding Company have approved a recovery mechanism of UoP dues for CY21 and CY22 pursuant to in-principle agreement with the customers. The management is in the process of implementing the same with the customers including obtaining bank guarantees to secure the UoP dues. The management is confident that the payment would be recovered in due course, being a contractual obligation,” Petronet LNG said.