Petronet net nearly doubles to Rs 1,089 cr on lower tax rate

Petronet LNG Ltd, the country's biggest importer of liquefied natural gas, on Tuesday reported nearly doubling of net profit in September quarter on back of improved margins.

Net profit in July-September at Rs 1,089 crore was 90 per cent higher than Rs 572.89 crore net profit in the same period, the company said in a regulatory filing.

Revenue from operations, however, slipped to Rs 9,361.18 crore from Rs 10,745.34 crore in the second of the previous fiscal year.

"The company elected to exercise the option of lower tax rate of 25.17 per cent (announced last month by the government)," it said.

"Accordingly, the deferred tax liabilities (net) (DTL) as at June 30, 2019 and estimate of tax expense for the quarter ended June 30, 2019 have been remeasured and resultant impact of Rs 376 crore on DTL and Rs 70 crore respectively pertaining to previous quarter have been recognised in the current quarter."