 "Petronet LNG Q3FY25 results: Net profit rises 25.6% to Rs 901 crore")
India’s largest liquefied natural gas (LNG) importer, Petronet LNG, registered a 25.6 per cent year-on-year decline in consolidated profit at Rs 901.7 crore for the third quarter (October-December) of FY25, down from Rs 1,212.9 crore in Q3FY24. On a sequential basis, profit was 4.45 per cent higher than the Rs 870.61 crore registered in the preceding quarter.
The state-run company's revenue from operations for the quarter stood at Rs 12,226.66 crore, 17 per cent lower than the Rs 14,747.21 crore registered in the same quarter of the previous financial year, the company said in its filing to exchanges. Petronet LNG reported the highest-ever half-yearly volume throughput in the first nine months of FY25 at 729 trillion British thermal units (tBtu) of LNG.
The company is also working on supplying two natural gas-based power plants in Sri Lanka after delays caused by a change in government and economic turmoil, said Akshay Kumar Singh, managing director and chief executive officer. "We will supply the 50 ISO containers per day required for running the gas-based power plant in Kelanitissa," Singh said.
Petronet LNG will supply gas from its Kochi terminal to an existing gas-based power plant, which is dual-fuel powered. Sri Lanka is in the process of converting its diesel-based power plants to LNG. ALSO READ: Tata Steel Q3 result: Net profit drops 43% to Rs 295 cr due to lower income
Singh noted that global LNG prices may harden by $10-12 in the second quarter of FY26 if European gas reserves deplete. However, the new Donald Trump administration's decision to allow the US government to resume processing export permit applications for new LNG projects may alter this outlook. "Nobody expected the United States to become the largest LNG supplier globally, exporting almost 87 million tonnes last year. Meanwhile, Qatar and Australia were in the range of 80 million tonnes," he said.
Dahej going strong
Also Read
Petronet's Dahej LNG terminal remains the largest single-location LNG storage and regasification terminal in the country and recorded a 2.2 per cent fall in throughput year-on-year at 213 tBtu. The terminal witnessed a capacity utilisation of 100 per cent on average in the first three quarters of the current financial year, Singh said in a post-results call on Tuesday. The terminal processed 686 tBtu of LNG in the first nine months, compared to 646 tBtu in the corresponding period of FY24. ALSO READ: Emami Q3 result: Profit up at 7% to Rs 279 cr, revenue rise to Rs 1,049 cr
The terminal has the lowest tariffs in the country, and its 5 million tonnes capacity expansion with two new tanks is expected to be completed by the end of the financial year, Singh added. "We will be looking to book new capacity being generated at Dahej once the expansion is over. Almost 95 per cent of the capacity is already booked," he said. The company also recorded its highest-ever volume throughput of 43 tBtu at the Kochi terminal in the current nine months.