Petronet LNG Ltd, the largest importer of liquefied natural gas (LNG) in India, reported a 40% increase in its net profit for the first quarter of the current fiscal year. The company's consolidated net profit for April to June reached Rs 11 billion, up from Rs 7 billion during the same period the previous year, according to a stock exchange filing.
Revenue from operations also saw a 15% rise, reaching Rs 13 billion. During a media call, Petronet's managing director and CEO, Akshay Kumar Singh, highlighted that the company processed its highest-ever quarterly volume of 262 trillion British thermal units (TBTUs) in April-June. This was a 14% increase compared to the previous year and a 12% rise from the 234 TBTUs processed in the preceding quarter.
Singh attributed the significant rise in gas demand to the severe summer weather, which led to increased consumption from the power sector. The power sector's daily gas consumption rose to 20 million standard cubic meters, compared to 4-5 million standard cubic meters during off-peak seasons.
The Dahej import facility in Gujarat, Petronet's primary site, achieved a capacity utilization of 109% in the quarter, up from 97% in the previous quarter and 96% a year earlier. Singh noted that the Dahej facility processed 248 TBTUs, surpassing the 217 TBTUs processed the previous year and 219 TBTUs in the January-March period. The facility also recorded its highest-ever single-day sendout of 3.15 TBTUs, equivalent to one full shipload of 138,000 cubic meters.
Singh attributed the company's strong financial performance to stable LNG prices, improved capacity utilization of its terminals, and operational efficiency. He mentioned that import LNG prices averaged between $11.5 and $12 per million British thermal units. Petronet is also on track to increase the capacity of its Dahej terminal from 17.5 million tonnes per year to 22.5 million tonnes by next year.
