Petronet LNG reports 52.3% growth in net profits, in talks for availing undelivered cargoes
Petronet LNG reported a 53.2% increase in net profits for the September quarter despite a decline in revenue and lower capacity utilization. The company is currently negotiating with QatarEnergy to recover undelivered cargo shipments affected by regional conflicts in West Asia.
Why it matters
As India's largest LNG importer, Petronet's ability to secure energy supplies is critical to the nation's energy security and industrial operational costs.
State-owned Petronet LNG reported 53.2% growth in net profits in the September-end quarter, driven by improved operational efficiency, although cargoes from its most prominent supplier, Qatar, continued to be affected because of the reignited conflict in West Asia. The company also declared a dividend of ₹7 per equity share. Capex push to continue, but fiscal prudence non-negotiable: FM Capex push to continue, but fiscal prudence non-negotiable: FM “India must to talk with optimism and there needs to be reduction in cynicism says Ms. Sitaraman Capex push to continue, but fiscal prudence non-negotiable: FM storyline 1 The country’s largest LNG importer’s net profit stood at ₹1,235 crore in the reported quarter against ₹806 crore in the same period last year. Revenue from operations although declined about 35% during the period to ₹7,200.35 crore.
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