Indian Petronet LNG Reports Highest Ever Profit

Indian gas importer Pertronet LNG reported its highest ever net profit for a fiscal year, driven by a sharp rise in the amount of LNG regasified following the expansion of the Dahej terminal and better efficiency achieved in the operations. Profit for the year ending March 31 was rupees 17.06bn ($0.26bn) compared with rupees 9.13bn last year, it said May 9.

During the fiscal Dahej terminal processed highest ever LNG quantities of 714 trillion Btu, which is 26% above the LNG quantities process last fiscal, and operated at 106% of its average increased nameplate capacity.

In terms of the quarterly numbers, for the 4Q of the year the net profit was rupees 4.71bn, the highest ever fort any quarter ever. The 4Q net profit was up 92% on year. During the quarter, the company bought a 26% equity in a consortium, India LNG Transport Company No (4), which owns the LNG carrier, Prachi.

With international LNG prices on the lower side, Indian importers bought a lot of LNG last year. Oil ministry data show imports were up by 15.5% on the year at 24.6bn m³.

Shardul Sharma