Petronet LNG Q4 profit nearly doubles to Rs471 crore
Petronet LNG reported Rs245.31 crore profit in the same period of the previous fiscal
New Delhi: Petronet LNG Ltd, India’s biggest importer of liquefied natural gas, on Wednesday reported its highest quarterly profit for the January-March period as it raised terminal charges and processed more gas. Its net profit for the fourth quarter of 2016-17 fiscal at Rs470.79 crore (Rs6.28 per share) was 92% higher than Rs245.31 crore (Rs3.27 a share) in the same period of the previous fiscal.
“January is normally the month when we raise regasification charges. The charges went up by 5% to ₹ 45 per million British thermal unit,” Petronet director (finance) R K Garg said.
Petronet imports liquid gas—natural gas that has turned into liquid on being super cooled, in ships and then turns it back into gaseous state, a process called regasification.
Also, the company processed 180 trillion British thermal units in Q4, up from 150 TBtus in the same period a year ago. Petronet also posted its highest ever yearly net profit at ₹ 1705.59 crore, up 87% over the previous year.
The company’s board of directors also approved doubling of dividend to 50% (Rs 5 per share) for the year ended 31 March 2017.
Also, the board declared issue of Bonus shares in the ratio of 1:1 (one free share for every free share held), he said adding the board has also approved increase of authorised share capital of the company from ₹ 1200 crore to ₹ 3000 crore.
During the FY 2016-17, the company’s Dahej import terminal in Gujarat processed highest ever LNG quantities of 714 TBtu, which is 26% above the LNG quantities processed in FY 2015-16. The terminal operated at 106% of its average increased nameplate capacity.
Together with the Kochi terminal, the overall quantities processed by the company in 2016-17 was 728 TBtu as compared to 580 TBtu processed in 2015-16.
During the fourth quarter, the company made an investment of ₹ 75 crore for 26% equity in the India LNG Transport Company No (4) Pvt Ltd—the firm that owns and operates LNG carrier Prachi.
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First Published:10 May 2017, 01:57 PM IST
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