Balyan leads Petronet LNG to 11% turnover rise in Q3
1 Feb 2014 12:31 AM GMT
Petronet managing director and CEO Ashok K Balyan reported a 11 per cent increase in the company’s quarterly turnover at Rs. 9,382 crore. During the quarter ended 31 December 2013, the company's Dahej plant operated at 95 per cent of its capacity (nameplate capacity of the Dahej Terminal is 10 MMTPA). Total volume regasified during the quarter was 124TBTUs.
The reason for increase in turnover, despite a decrease in volume (140 TBTUs were processed in the quarter ended 31st Dec 2012) was attributed to a steep depreciation of Indian rupee against the dollar accompanied by an increase in the contracted price of LNG under the long term LNG SPA of the company.
The net profit of the company for the quarter ended on 31 December 2013 stood Rs. 136 crore as compared to a net of Rs 319 crore in the corresponding quarter last year. The decrease in net profit is primarily due to higher depreciation and interest charges pertaining to Kochi LNG terminal, which was capitalised in the books of accounts in September, 2013 and lower volumes. The company is operating the Kochi plant at a very low capacity utilisation of around 5 per cent of the nameplate capacity of 5 million tonnes. The volumes are expected to increase only after pipeline connectivity of the plant with phase II of Kochi-Koottanad-Bangalore-Mangalore pipeline, which is being constructed by GAIL. The company is expanding the name plate capacity of its Dahej LNG Terminal from 10 million tonnes to 15 million tonnes. The board of directors said that the company has recently signed additional long-term regasification agreements on use or pay basis for booking of expanded capacity with IOCL (1.5 MMTPA) and BPCL (1.0MMTPA). With this, substantial part of the nameplate regassification capacity of Dahej Terminal is tied up on a long term basis. The work on second LNG Jetty at Dahej is going on as per schedule and it is expected to be commissioned by I April, 2014.
Balyan said work on company’s third LNG terminal, proposed at Gangavaram in Andhra Pradesh, is progressing satisfactorily. The Expert Advisory Committee of Ministry of Environment & Forests has recommended the project for EC&CRZ approval. It is expected to receive the formal approval soon. The company will shortlist potential EPC bidders for the LNG Storage Tanks, Regasification and Marine portions of the project.
The reason for increase in turnover, despite a decrease in volume (140 TBTUs were processed in the quarter ended 31st Dec 2012) was attributed to a steep depreciation of Indian rupee against the dollar accompanied by an increase in the contracted price of LNG under the long term LNG SPA of the company.
The net profit of the company for the quarter ended on 31 December 2013 stood Rs. 136 crore as compared to a net of Rs 319 crore in the corresponding quarter last year. The decrease in net profit is primarily due to higher depreciation and interest charges pertaining to Kochi LNG terminal, which was capitalised in the books of accounts in September, 2013 and lower volumes. The company is operating the Kochi plant at a very low capacity utilisation of around 5 per cent of the nameplate capacity of 5 million tonnes. The volumes are expected to increase only after pipeline connectivity of the plant with phase II of Kochi-Koottanad-Bangalore-Mangalore pipeline, which is being constructed by GAIL. The company is expanding the name plate capacity of its Dahej LNG Terminal from 10 million tonnes to 15 million tonnes. The board of directors said that the company has recently signed additional long-term regasification agreements on use or pay basis for booking of expanded capacity with IOCL (1.5 MMTPA) and BPCL (1.0MMTPA). With this, substantial part of the nameplate regassification capacity of Dahej Terminal is tied up on a long term basis. The work on second LNG Jetty at Dahej is going on as per schedule and it is expected to be commissioned by I April, 2014.
Balyan said work on company’s third LNG terminal, proposed at Gangavaram in Andhra Pradesh, is progressing satisfactorily. The Expert Advisory Committee of Ministry of Environment & Forests has recommended the project for EC&CRZ approval. It is expected to receive the formal approval soon. The company will shortlist potential EPC bidders for the LNG Storage Tanks, Regasification and Marine portions of the project.
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