Petronet LNG Q1 net rises 5 pc to Rs 270.8 cr

April-June quarter net profit at Rs 270.85 crore was higher than Rs 256.71 crore net profit in the same period a year ago, company Managing Director and CEO A K Balyan told reporters here.

Petronet's Dahej LNG import and regasification terminal processed 127.17 Trillion British thermal units of gas in Q1 as against a volume of 133 TBtus in the corresponding quarter.

The company imports natural gas in its liquid form (LNG) in cryogenic ships and then turns it back into its gaseous state before supplying to consumers.

"The volumes are less because 5-6 fertiliser plants (who consume the imported gas) took maintenance shutdown in April. Things improved from April-end and this month we have seen full recovery," he said.

Turnover, however, soared 52 per cent to Rs 7,030.41 crore.

"The increase in turnover during this quarter is mainly on account of increased price of LNG under the long term contract as well as the appreciation in the exchange rate," he said.

Petronet Director (Finance) R K Garg said the net profit was higher because of "operational efficiency and better margins".

The 10 million tons Dahej terminal operated at 100 per cent capacity in the quarter, he said adding the facility is operating at more than its nameplate capacity currently.

Balyan said the company's 5 million tons a year Kochi terminal in Kerala was on schedule and was expected to be completed by end-2012.

Petronet, which is expanding Dahej terminal to 15 million tons by 2015, has awarded the work of Front End Engineering and Design (FEED) for a 5 million tons import facility at Gangavaram port in Andhra Pradesh to state-owned Engineers India Ltd, he said.

He said the Kochi terminal would initially operate at 0.5 to 1 million tons capacity at state gas utility GAIL India Ltd would complete the Kochi-Kanjirkkod-Bangalore-Mangalore pipeline, which is to take the fuel to consumers, only by December 2013.