Petronet LNG shares gain post 55 per cent jump in Q1 net profit

By: | Updated: September 6, 2016 4:29 PM

Petronet LNG Q1 results: The company reported nearly 55 per cent surge in its consolidated net profit at Rs 377.86 crore for the quarter ended June 30, 2016 as compared to Rs 244.12 crore in the corresponding quarter a year ago.

Petronet LNG shares gain post 55 per cent jump in Q1 net profitPetronet LNG Q1 results: The company reported nearly 55 per cent surge in its consolidated net profit at Rs 377.86 crore for the quarter ended June 30, 2016 as compared to Rs 244.12 crore in the corresponding quarter a year ago. (Source: Reuters)

Petronet LNG shares surged over 3 per cent on Tuesday after the company announced its first quarter results on Monday. The company reported nearly 55 per cent surge in its consolidated net profit at Rs 377.86 crore for the quarter ended June 30, 2016 as compared to Rs 244.12 crore in the corresponding quarter a year ago. Reacting to the news, its shares were trading 1.97 per cent up at Rs 360.15 at 10.32 am. The scrip opened at Rs 361 and touched a high and low of Rs 366.30 and Rs 360, respectively. Later, the scrip ended 1.36 per cent up at Rs 358.

The company’s total income for the quarter under review stood at Rs 5,386.66 crore as against Rs 8,411.61 crore a year ago, registering a delcine of 35.96 per cent. Petronet LNG is one of the leading players in oil and natural gas industry space. It has India’s first and largest LNG supply terminal located at Dahej.

The BSE group ‘A’ stock of face value R 10 touched a 52-week-high of Rs 366.30 on Sep 6, 2016 and a 52-week-low of Rs 169.35 on Sep 28, 2015.

The company’s Dahej terminal has a nominal capacity of 10 MMTPA (equivalent to 40 MMSCMD of natural gas), the Kochi terminal has a capacity of 5 MMTPA (equivalent to 20 MMSCMD of natural gas). The company is in the process to build the third terminal at Gangavaram, Andhra Pradesh.

The company’s promoters are GAIL (India) Ltd, Oil & Natural Gas Corporation Ltd, Indian Oil and Bharat Petroleum. The authorised capital is Rs 1,200 crore ($240 million).

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