Earnings Review
Petronet LNG Apr-Jun PAT beats Street view, up 45%
This story was originally published at 18:54 IST on 24 July 2024
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By Sayantan Sarkar
NEW DELHI – Petronet LNG Ltd's net profit of 11.42 bln rupees for the June quarter was much higher than analysts' estimate of 8.77 bln rupees. The net profit rose 45% year on year. In Jan-Mar, the company's net profit was 7.38 bln rupees.
During the June quarter, the company booked an income of 6.10 bln rupees under "use or pay charges" for 2023. Including this income, the company's revenue for the quarter was 134.15 bln rupees, 15% higher than the previous year but lower than analysts' expectations of 141.75 bln rupees.
The company is yet to receive earlier dues under "use or pay charges" to the tune of 11.77 bln rupees, which was booked as income in 2021 and 2022. To recover this amount, the company plans to obtain bank guarantees from customers, which it can encash later. The company is confident that the payment will be settled in due course, being a contractual obligation, it said in a release today.
The company's overall expenses rose nearly 13% to 121.13 bln rupees in the quarter ended June. The cost of materials consumed rose 11% on-year during the quarter to 114.66 bln rupees, while employee benefits expense increased 15% on-year to 577.4 mln rupees. Other expenses surged 165% on a year-on-year basis to 3.28 bln rupees during Apr-Jun.
Today, shares of the company traded in positive territory throughout the session and ended 5.1% higher at 350.60 rupees on the National Stock Exchange. End
Edited by Ashish Shirke
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