Petronet’s net profit decreased by 4% in the second quarter due to the decrease in the amount of natural gas


New Delhi: Due to the rise in natural gas prices all over the world, Petronet LNG Ltd. reported a 4% decline in net income for the September quarter on Thursday. According to the company’s stock exchange announcement, the result for July-September was 785.73 million rubles, compared to 817.61 million rubles a year earlier.

During the conference call, Petronet CEO Akshay Kumar Singh stated that while global energy prices rose during the Ukraine conflict, they have started to fall in the last 10-15 days. LNG volumes fell as spot prices rose as consumers could no longer afford the higher price.

India’s largest importer of LNG is Petronet, whose purchased gas is used in fertilizer plants and other industries.

He said the company’s flagship Dahej terminal in Gujarat handled 182 trillion British thermal units (TBTU) of LNG between July and September, compared with 196 TBTU in the previous quarter ended June 30 and 225 TBTU in the quarter ended September. 30. 2021.

Compared to 240 TBTU a year earlier, the company handled a total of 192 TBTU of LNG during the current quarter. Compared to the same period last year, the company’s turnover was the highest ever at Rs 15,986 crore, according to Singh. The rental debt has the accounting effect of an exchange rate loss of 98 million rubles due to exchange rate fluctuations.

According to Singh, the company’s board has approved a special interim dividend of Rs 7 per share.

He claimed that a floating LNG terminal with an annual capacity of 4 million tonnes will be built at Gopalpur port in Odisha at a cost of Rs 2,306 crore after the Business Council approves the investment. The terminal, which will be built in three years, will eventually be transformed into a land complex with a capacity of five million tons.

The third LNG import facility for the company in the country and the first on the east coast. Petronet operates both a 5 million tonne project in Kochi, Kerala and a 17.5 million tonne per annum import facility in Dahej.

The majority of LNG is imported by Petronet under long-term contracts. In contrast to the LNG spot price of $21-22, the delivery price under such a contract is $12.8 per million British thermal units in Dahej and $13.16 in Kochi.

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