Petronet LNG reports 13% YoY growth in Q1 net profit at ₹819.28 cr

livemint.com:

₹819.29 crore amid softening gas prices. During the same period of last fiscal (FY23), the company had reported a net profit of ₹724.84 crore. Revenue from operations, however, fell 18.28% to ₹11,656.38 crore during the first quarter of last fiscal, compared to ₹14,263.82 crore earned during the corresponding quarter of FY23.

Growth in net profit, was aided by 20.25% fall in its expenses on lower LNG prices. During the quarter under review, its total expenditure stood at ₹10,741.03 crore, against ₹13,468.92 crore reported during the year ago period. In a regulatory filing, the company said:, “Pursuant to the relevant provision under long term regasification contracts entered by the company, income towards "Use or Pay charges“ of ₹848.92 crore in FY 2022-23 for calendar year 2022 has been recognised on account of lower capacity utilisation by its customers.

The balance confirmation against payment due/advance adjusted is yet to be received. The management is confident that the payment would be recovered in due course, being a contractual obligation, the company added. A company statement said that during the quarter ended 30 June, Dahej terminal processed 217 TBTU (trillion British thermal units) of LNG as against 172 TBTU during the previous quarter ended 31 March, 2023 and 196 TBTU during the corresponding quarter ended 30 June, 2022, witnessing growth of 26% and 11% respectively.