New Delhi: State-run Petronet LNG on Wednesday reported a nearly 40% increase in its consolidated net profit for the first quarter (April-June) of FY25 at ₹1,100.76 crore, meeting analyst estimates.
The company reported a net profit of ₹787.73 crore during the same period in the last fiscal.
Petronet reported a total income of ₹13,592.84 crore for the quarter under review, with a 15.2% increase on a year-on-year basis.
“During the current quarter ended 30 June, 2024, Dahej terminal processed highest ever 248 TBTU (trillion British thermal unit) of LNG as against 219 TBTU during the previous quarter ended 31 March, 2024 and 217 TBTU during the corresponding quarter ended 30 June, 2023, witnessing growth of 13% and 14%, respectively,” said a company statement.
Stable prices
“The company was able to achieve higher throughput and robust financial results owing to stable LNG prices, better capacity utilization of its terminals and efficiency in its operations,” it added.
Addressing the media, the company’s MD and CEO Akshay Kumar Singh said that it expects to complete the extension of the Dahej terminal by the end of this fiscal.
The company is looking at expanding its capacity amid anticipation of high power demand and eventual supply requirement from gas-based power plants, he added.
“Almost 25,000 MW gas-based power plant capacity is available in the country. We can consume even 25 million tonnes (MT) of gas in the power sector itself if 25,000 MW capacity is online. If prices are reasonable in 2026-27, India can take benefit of low prices, but infrastructure should be there. India will be creating a robust infrastructure for gas,” he said.
The Dahej terminal witnessed a capacity utilization of 109% in the April-June quarter, as against 97% in the previous quarter (January-March) and 96% in the corresponding quarter of last fiscal.
The overall LNG volume processed by the company in Q1 was 262 TBTU, 14% higher on year, the statement said.
Dahej plant
Speaking on the proposed petrochemical plant at Dahej in Gujarat, the MD said that the company is in the process of tying up with banks for loans for the project. He also said that Petronet would soon come up with tenders for several activities at the site.
In March, prime minister Narendra Modi laid the foundation stone for the plant estimated to be built at over ₹20,000 crore.
Shares of Petronet on the BSE closed at ₹351.45 per share on Wednesday, 5.4% higher than its previous close.