Petronet LNG records PAT of Rs 744 crore in Q2 FY23; LNG volumes down 20% YoY

Petronet LNG's standalone net profit declined by 9.6% to Rs 744.25 crore, despite a 47.8% jump in net sales to Rs 15,985.73 crore in Q2 FY23 over Q2 FY22.

Total expenditure increased by 55.7% YoY to Rs 14,812.78 crore in the second quarter. Raw material costs surged by 57.1% YoY to Rs 14,557.98 crore during the period under review.

Profit before tax in Q2 FY23 stood at Rs 993.88 crore, down by 10.1% from Rs 1,105.47 crore in Q2 FY22.

"The company was able to achieve robust financial results despite high LNG prices, owing to optimization in its operation, Petronet LNG said in a statement.

During the quarter ended 30 September 2022, Dahej terminal processed 182 TBTU of LNG as against 196 TBTU during the previous quarter ended 30th June 2022 and 225 TBTU during the corresponding quarter ended 30th September 2021.

The overall LNG volume processed by the company in the current quarter was 192 TBTU, as against the LNG volume processed in the previous and corresponding quarters, which stood at 208 TBTU and 240 TBTU, respectively.

The company's board has declared interim dividend of Rs 7 per equity share for the financial year 2022-23.

Petronet LNG was formed as a joint venture by the Government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like Oil & Natural Gas Corporation (ONGC), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL) and GAIL (India). Each company held a 12.50% stake in Petronet LNG as of 30 September 2022.

Share of Petronet LNG rose 1.53% to currently trade at Rs 212.70 on the BSE.

On the BSE, 2.27 lakh shares were traded in the counter so far compared with average daily volumes of 51,348 shares in the past two weeks.

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