Petronet Q4 net plunges 20% to Rs 239 cr

New Delhi: Petronet LNG Ltd, India’s biggest importer of natural gas, today reported a 20 per cent decline in net profit at Rs 239.27 crore for the March quarter due to fall in energy prices globally. The company had posted a net profit of Rs 300.73 crore in January-March of 2014-15 fiscal, Petronet LNG Director (Finance) R K Garg told reporters.

While the company imported 46 per cent more liquefied natural gas (LNG) at 146 trillion British thermal units in the said quarter, the net profit was lower than previous year because bottom line was boosted by tax reversals last year.

Adjusted for exceptional gains, net profit in fourth quarter of the previous fiscal was Rs 102 crore, he said.

The company’s turnover fell 15.1 per cent to Rs 6,065.26 crore in the quarter under review as against Rs 7,161.69 crore a year ago on slump in global energy prices.

The company also announced a dividend of Rs 2.50 per share. Garg said Petronet has since January started taking full quantity under the long-term deal with RasGas for import of 7.5 million tonnes per annum of LNG.

In 2015, it had 38 per cent less volumes as the long-term price was double of the rate at which LNG was available in spot or current market.

The price was renegotiated to bring it down to below USD 6 per million British thermal unit.
“Full volumes have been restored. Also, we have started buying 1 million tonnes per annum of additional volume,” he said.

Ebitda or operating profit more than doubled to Rs 447 crore in the quarter under review compared with Rs 222 crore in the corresponding quarter of the last fiscal. Petronet’s main import facility at Dahej was operating at more than 100 per cent capacity, Garg said, adding that in 2016-17 it is likely to operate at 120 per cent of the 10 million tonnes nameplace capacity.

For the full fiscal, the company’s net profit was 3.5 per cent higher at Rs 914.02 crore compared with Rs 882.52 crore in the 2014-15 fiscal.

This is despite its net revenue falling 31.3 per cent to Rs 27,133.43 crore.

“For the full year, Dahej operated at 111 per cent of the capacity,” he said, adding that the terminal capital will be expanded to 15 million tonnes by the year end.

During the entire fiscal, the Dahej terminal processed 566 trillion British thermal units of gas.
Petronet’s other import facility at Kochi operated at 2 per cent of the 5 million tonnes capacity as the terminal is yet to be connected by pipeline to consumers.