Petronet sees surge in profit, sales

Petronet LNG, the country’s biggest liquefied natural gas (LNG) importer, has more than doubled its net profit for the quarter ended March 31 on its highest ever gas sales. Net profit rose 113 per cent to Rs 206 crore, while net sales rose 65 per cent to Rs 3,940 crore.

“There are three reasons for this higher profit. First, we have done more volume (of LNG imports and sales). Then, our regasification charge increased five per cent and, last, our internal efficiency improved,” said A K Balyan, managing director and chief executive officer. Net profit for the year ended March 31 rose 53 per cent to Rs 620 crore, while net sales rose 23.6 per cent to Rs 13,106 crore.

Petronet is setting up a five-million tonne new LNG terminal at Kochi, to be operational by end-2013. It is also looking at setting up a third LNG terminal along the eastern coast. “Seven-eight locations are being examined, including Andhra Pradesh and Orissa. A preliminary report was presented before the Board on Tuesday. The Board has sought more analysis; we will come back in a month’s time,” Balyan said.