Petronet net up 45% in Sept quarter

Petronet LNG Ltd, the nation's biggest importer of liquefied natural gas, today reported a 44.5% jump in its September quarter net profit on back of higher sales.

Net profit in July-September was Rs 262.81 crore, or Rs 3.5 per share, 44.5% higher than Rs 181.75 crore, or Rs 2.42 a share, in the same period a year ago, the company said in a filing to the stock exchanges.

Sales was up over 15% at Rs 10,979.96 crore in Q2.

Petronet said it adopted new rates of depreciation with effect from April 1, 2014 which resulted in a lower provisioning of Rs 66.41 crore this fiscal.

Its borrowings stood at Rs 1,032.24 crore as on September 30.

Net profit in first half of current fiscal was higher at Rs 419.41 crore compared to Rs 407.07 crore in the same period a year ago.

Sales increased to Rs 21,140.78 crore in April-September period from Rs 17,937.67 crore in the corresponding period of last fiscal.