Petronet LNG posts record `522 cr profit for Jan-March
New Delhi: Petronet LNG Ltd, the nation's biggest importer of liquefied natural gas, on Monday reported its highest quarterly net profit in three-months ending March 31 on processing higher volumes of gas.
Petronet posted a net profit of Rs 522.76 crore in January-March, 11 per cent higher than Rs 470.71 crore in the same quarter a year ago, company CEO and Managing Director Prabhat Singh told reporters here. The record quarterly profit "is due to higher volumes processed and better efficiencies in operations," he said.
The company processed 18 per cent higher imported gas at 213 trillion British thermal unit (TBtus) in the fourth quarter of 2017-18 fiscal. It's mainstay Dahej import terminal in Gujarat processed 17 per cent higher gas at 207 TBtus, he said?.
Sales were up 34 per cent at Rs 8,739.63 crore. For the full fiscal, the company clocked 21 per cent higher net profit of Rs 2,078 crore - the highest ever. The firm processed 16 per cent higher gas at its Dahej and Kochi import terminal in Kerala at 848 TBtus.
Singh said the company board recommended a dividend of Rs 4.5 per share (45 per cent), entailing a payout of Rs 813.78 crore including dividend distribution tax.