New Delhi: Petronet LNG Ltd, India's largest gas importer, on Friday reported a 30 per cent rise in its December quarter net profit as demand reached
pre-COVID levels.
The company's net profit in October-December 2020, stood at Rs 878.47 crore, or Rs 5.86 per share, compared with Rs 675.18 crore, or Rs 4.50 a share, in the same period a year back.
"The strong financial results for the quarter ended December 31, 2020, was achieved due to resurgence of demand to pre-COVID-19 level, operational efficiency and effective commercial planning by the company," Petronet's new Managing Director and CEO A K Singh said on a media call.
Petronet imports natural gas in its liquid form (known as LNG) in ships, converts it back into its gaseous state before sending it out to users such as fertiliser units and power plants who use the fuel to manufacture urea and generate electricity.
The firm's main LNG import terminal at Dahej in Gujarat processed 222 trillion British thermal units of gas in the third quarter of the current fiscal, the same as the volume handled a year back. "The Dahej terminal operated at 97.3 per cent of its nameplate capacity in the quarter while the one at Kochi operated at 19.9 per cent capacity," he said.