Petronet net up 70% on high volumes

BS 200 SCORECARD

Petronet LNG has reported a sharp 70 per cent growth in net profit during the October-December quarter to Rs 85.1 crore against Rs 49.61 crore in the same quarter last year on the back of higher gas processing volumes and efficiency gains. Turnover during the quarter was up 53 per cent to Rs 1,585 crore.

"There are two reasons for this performance - we have processed more gas and there has been some improvement in operating efficiencies," the CEO and managing director, P Dasgupta, told Business Standard. Gas production was up 12 per cent to 79.49 trillion British thermal units (BTUs) during the quarter.

Debottlenecking of operations carried out during the quarter means that the company is now in a position to handle two spot LNG cargoes in a month against three cargoes in two month that it managed earlier.

In the quarter ended December, Petronet LNG sourced four spot cargoes. "Against 14 cargoes that we expect to handle in 2006-07, we will handle 24 cargoes in the next financial year," Dasgupta said.