Indian Petronet LNG Reports Record Profit

India’s Petronet LNG has reported its highest ever quarterly profit after tax in the second quarter that ended September 30 driven by jump in processed LNG volumes and greater efficiencies, it said November 8.

Petronet reported a profit after tax in Q2 of rupees 5.89bn ($90mn), up 28% year on year and up 35% quarter on quarter as it processed highest ever combined throughput in a quarter at 220 trillion British thermal units.

The Dahej terminal processed highest ever quantity of 210 trillion Btu of LNG and operated at around 110% of its name plate capacity. The Dahej terminal witnessed increase in throughput over the previous quarter by 14% and increased throughput over the corresponding quarter by 14%, respectively. The Kochi Terminal processed highest ever quantity of 10tn btu of LNG.

Petronet LNG's Kochi terminal has been performing under capacity due to lack of pipeline connectivity. In recent months, Gail has started work on the Kochi-Mangalore pipeline. Once the pipeline is complete, Kochi terminal’s capacity utilisation is expected to increase further. 

Shardul Sharma