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An increase in volume and higher margins for spot and short-term trades at the Dahej terminal helped Petronet LNG report a 45 per cent increase in net profit for the second quarter of 2014-15 at ₹263 crore, against ₹182 crore in the same quarter last year.
Net revenue increased 15.6 per cent to ₹10,980 crore (₹9,493 crore).
“The sharp increase in net profit is despite the additional charge of depreciation and interest cost on account of Kochi LNG terminal and second jetty at Dahej,” the company said in a statement.
At an operational level, the company said the Dahej terminal operated at 117 per cent capacity, with the volume regasified during the quarter reaching 149.16 trillion British thermal units (TBTU). The Kochi Terminal processed 1.31 TBTU during the second quarter and is serving the Kochi refinery near the terminal, Petronet said.
Meanwhile, Petronet’s board of directors also gave an approval to increase the capacity at Dahej terminal to 17.5 million tonnes per annum (MTPA). The expansion project, to take the terminal capacity to 15 MTPA from 10 MTPA, is expected to be completed by 2016.
The company has also received approval from the Government of Andhra Pradesh to set up a 5-MTPA LNG terminal at Gangavaram.
Petronet prepaid ₹1,032 crore of loans to rupee lenders and replaced it with low-cost unsecured bonds of ₹1,000 crore raised from the domestic market.
On Friday, Petronet’s shares closed almost flat at ₹200.95 on the BSE.
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