Petronet LNG Q2 Results: Net profit rises 4.4% QoQ to ₹855.7 crore; approves dividend, petchem project; stock falls 7%
Petronet LNG, the state-run oil and gas company, on Monday reported a consolidated net profit of ₹855.74 crore for the second quarter of FY24, recording a 4.4% rise from ₹819 crore in the previous quarter. The company’s consolidated revenue from operations in Q2FY24 increased 7.5% to ₹12,532.57 crore from ₹11,656.38 crore in the April-June quarter.
At the operational level, Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) during the quarter ended September 2023 rose 2.8% to ₹1,214.7 crore from ₹1,182 crore, while EBITDA margin compressed to 9.7% from 10.1%, QoQ. Petronet LNG board of directors approved investment for setting up of Petrochemicals project of 750 KTPA of PDH & 500 KTPA of PP plant including propane and ethane handling facility at Dahej, Gujarat.
The estimated cost of the project is ₹20,685 crore. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) “The project would bring revenue generation from sale of Poly-Propylene, Propylene, Propane, Hydrogen and Ethane.
The project would also get benefited from utilising ‘ColdEnergy’ of PLL’s existing Dahej LNG terminal making this project energy-efficient," Petronet LNG said in an exchange filing. The company plans to develop 25 hectares of green belt area in the region.
Moreover, the board has also accorded its approval for execution of binding Term Sheet between Petronet LNG and Deepak Phenolics for offtake of 250 KTPA of Propylene and 11 KTPA of Hydrogen from Petronet Petrochemical Project at Dahej, Gujarat for a period of 15 years from the date of first supply of propylene and hydrogen by Petronet LNG to Deepak Phenolics. Also Read: Adani Green
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