Petronet LNG Ltd, India’s largest liquefied natural gas importer, on Wednesday reported its highest quarterly net profit of Rs 1,159.46 crore as a surge in prices boosted margins.
Consolidated net profit of Rs 1,159.46 crore, or Rs 7.73 per share, in October-December 2021 was 31.4 per cent higher than Rs 882.05 crore, or Rs 5.88 a share, in the same period of the previous fiscal, the firm said in a stock exchange filing.
Sequentially, profit surged nearly 42 per cent.
Global energy prices surged in the October-December – the third quarter of the current fiscal year – as economies rebounded.
Revenue from operations was up 72 per cent at Rs 12,597.22 crore.
The company said it has booked ‘use or pay charges’ of Rs 347.78 crore for the calendar year 2021 (Rs 55.88 crore for 2020) on account of lower capacity utilisation by its customers and recognised the same as income in the profit and loss.
For the first nine months of the current fiscal, the company reported a net profit of Rs 2,647.13 crore on a revenue of Rs 32,008.20 crore. This compared with Rs 2,301.31 crore net profit a year back and Rs 2,939.23 crore net profit in full 2020-21 fiscal.