Petronet LNG shares jumped over 2 per cent on Tuesday as the gas importer reported strong earnings for the March quarter.
Petronet LNG’s Q4 net profit of Rs 239 crore was lower as compared to Rs 301 crore in the year ago period. However, Petronet’s bottom line in the year ago period was boosted by tax reversals. Adjusted for exceptional gains, Petronet had reported a net profit of Rs 102 crore in the year-ago quarter.
Petronet LNG’s revenue declined 16 per cent to Rs 5,950 crore in Q4 led by fall in internal gas prices. Petronet’s volumes were boosted on account of resumption of supplies from RasGas.
Petronet LNG has a long-term contract with Quatar-based RasGas for supply of liquefied natural gas (LNG). However, after a slump in global gas prices last year Petronet LNG was taking less gas from Ras Gas, due to which Ras Gas had imposed $1 billion penalty on Petronet LNG.
However, later on RasGas waived the penalty and revised the gas price leading to higher offtake by Petronet LNG.
Petronet LNG’s EBITDA or operating profit more than doubled to Rs 447 crore in Q4 from Rs 222 crore in the corresponding quarter of last fiscal.
Utilization at Petronet LNG’s Dahej terminal was more than 100 per cent.
As of 9.51 a.m., Petronet LNG shares traded 1.68 per cent higher at Rs 281.15 apiece compared to 0.54 per cent gain in the broader Sensex.