Petronet posts its highest profit of Rs 315 cr for Jul-Sep

Petronet LNG today reported its highest quarterly profit at Rs 315 crore in the July-September period on back of better margins and operational efficiency.

Petronet, the nation's largest liquefied natural gas importer, said net profit in July-September rose 21% to Rs 315 crore from Rs 260 crore a year ago.

"We operated (the 10 million tons a year) Dahej import terminal at 106% capacity during the quarter," company Managing Director and CEO A K Balyan told reporters here.

Volumes imported remained flat at 135 Trillion British thermal units but there was a five% increase in margin it gets on turning the liquid gas (LNG) back into its gaseous state. Also, the firm got better trading margins on the ship loads or cargoes of gas-turned-into-liquid at minus 160 degrees Celsius, called LNG.

Turnover soared 41% to Rs 7,549 crore. The company had a forex gain of Rs 114 crore as against a loss of Rs 52.6 crore, year-on-year.

Petronet, which is in expansion mode, will commission its second import terminal at Kochi in Kerala by the first quarter of 2013 calendar year, he said adding Dahej facility will be expanded to 15 million tons by 2015 and a third terminal is being planned at Gangavaram in Andhra Pradesh.

Balyan said the Kochi the terminal will operate only to less than a fifth of its 5 million tons a year capacity as the off-take infrastructure is not yet ready.

State-owned gas utility GAIL India is laying pipelines connecting the Kochi terminal to consumers in two phases - the first phase connecting four consumers like Kochi refinery and FACT Tranvancore would be completed by December-end. Upon this, the Kochi LNG terminal will be comissioned but it will operate at only 0.5-1 million tons capacity for the first year due to limitation of gas off-take.

The second-leg of the pipeline which will connect Kochi to Bangalore and Mangalore is expected to be completed by next year end, he said adding Kochi terminal would operate at fully capacity thereafter.