Petronet LNG has reported a ₹373.20-crore consolidated net profit for the fourth quarter of financial year 2019-2020. This is lower than the ₹465.38-crore net profit it reported in the comparable quarter of the previous financial year.

In a filing to BSE, the Petronet LNG Board has recommended a final dividend of ₹7 per share, on the face value of ₹10 each, on the equity shares of the company for the financial year 2019-2020. The final dividend is subject to approval of shareholders in the forthcoming Annual General Meeting.

The consolidated total revenue during the quarter under review stood at ₹8,653.63 crore, up from ₹8,534.59 crore in the same period of the last fiscal.

For the full year 2019-2020, the consolidated net profit was reported at ₹2,703.35 crore, up from ₹2,230.56 crore for fiscal 2018-2019. the consolidated total revenue for the fiscal 2019-2020 was ₹35,815.57 crore, down from ₹3,8841.22 crore.

Bringing down import cost

The fall in top-line was due to lower natural gas prices. During an analyst call on Tuesday, company officials said they are looking to renegotiate existing long-term liquified natural gas (LNG) import contracts. The company aims to bring down the import cost of LNG procured through long-term contracts to better reflect the fall spot prices in the international market.

Speaking to journalists, Petronet LNG Managing Director and Chief Executive Officer Prabhat Singh said the company is hoping to encourage the adoption of LNG as a long-distance transport fuel in the country.

Talking about the business model being offered, Singh said: “We will continue to remain an importer, but will begin to provide the technology to set up LNG dispensation terminals in the country on lease.”

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