**Petronet LNG Reports 27.19% Decline in Q3 Net Profit**
New Delhi: Petronet LNG announced a 27.19% decrease in its consolidated net profit for the October-December quarter, amounting to ₹866.59 crore, compared to ₹1,190.30 crore during the same period last fiscal year. The decline in profits year-on-year was attributed to a decrease in revenue, which fell by 17.09% to ₹12,226.86 crore from ₹14,747.21 crore in the third quarter of FY24, as per a regulatory filing. However, when compared to the previous quarter, Petronet’s net profit for Q3 increased by 2.07% from ₹848.99 crore in Q2.
The company reported its highest-ever profit before tax (PBT) of ₹3,829 crore for the current nine months, up from ₹3,761 crore in the same period last year. The profit after tax (PAT) also reached a record ₹2,856 crore, compared to ₹2,799 crore in the corresponding nine months. This strong financial performance was attributed to operational efficiency and increased capacity utilization at the Dahej Terminal.
In the October-December quarter, the Dahej terminal processed 213 trillion British thermal units (TBTU) of LNG, down from 218 TBTU in the same quarter last year and 225 TBTU in the previous quarter. Overall, the company processed 228 TBTU of LNG in Q3, compared to 232 TBTU and 239 TBTU in the corresponding and previous quarters, respectively.
During a virtual press conference, Managing Director and CEO Akshay Kumar Singh discussed the expansion plans for the Dahej LNG terminal in Gujarat, stating that the company is on track to increase capacity from 17.5 million metric tonnes per annum to 22.5 mmtpa by the end of the current financial year. He noted that over 80% of the physical progress has been achieved, with most materials already on-site.
Regarding the establishment of a terminal in Gopalpur, Odisha, Singh mentioned that the state government has provided the necessary land, and the project is progressing well, with design and engineering work underway. Recommendations for environmental clearance from district authorities are anticipated soon.
Petronet, backed by state-run energy giants Bharat Petroleum Corporation Ltd (BPCL), GAIL (India) Ltd, Indian Oil Corporation Ltd (IOCL), and Oil and Natural Gas Corporation Ltd (ONGC), is expanding its operations in alignment with the government’s energy security goals.
