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Informist, Monday, Jan. 27, 2025

 

--Petronet LNG Oct-Dec net profit INR 8.67 bln 

--Analysts saw Petronet LNG Oct-Dec net profit INR 9.03 bln 

--Petronet LNG Oct-Dec net profit INR 8.67 bln vs INR 11.91 bln year ago 

--Petronet LNG Oct-Dec revenue INR 122.27 bln vs INR 147.47 bln year ago 

--Petronet LNG Apr-Dec net profit INR 28.56 bln vs INR 27.99 bln year ago 

--Petronet LNG Apr-Dec revenue INR 386.64 bln vs INR 389.35 bln year ago 

 

By Akshay V. Johnson

 

MUMBAI – Petronet LNG Ltd. posted lower-than-expected net profit and revenue for the December quarter. The company reported a net profit of INR 8.67 billion, down 27.2% from INR 11.91 billion in the year-ago quarter. Analysts expected the company's net profit to be INR 9.03 billion. The company's net profit has fallen for the first time in seven quarters.

 

The company's revenue for Oct-Dec was INR 122.27 billion, down 17.1% from INR 147.47 billion in the year-ago quarter. Analysts had expected the company's revenue to be INR 126.14 billion. This is the highest on-year decline in the company's revenue in the past five quarters. Sequentially, Petronet's net profit rose 2.3% but revenue fell 6.1%. The company's other income for the December quarter was INR 1.96 billion, up 25.3% on year.

 

Total expenditure for the December quarter was INR 112.54 billion, down 15.4% on year. The cost of materials consumed was INR 105.63 billion, down 16.3% on year. Cost of materials consumed accounted for 94% of the company's total expenses. The company's earnings are sensitive to input costs, mainly of natural gas. Other expenses for Oct-Dec fell 5.2% on year to INR 3.54 billion. Petronet's finance costs for the December quarter fell 6.6% on year to INR 651 million.

 

For Apr-Dec, the company clocked a net profit of INR 28.56 billion, up 2.1% on year. Revenue for the period was marginally down on year at INR 386.64 billion.

 

In the notes to account, the company said the trade receivables included gross 'use of pay' charges of INR 16.66 billion arising because of lower capacity utilisation by customers. As of Dec. 31, Petronet's net 'use or pay' charges were INR 9.63 billion after making a provision of INR 7.03 billion. The company has waived-off 'use of pay' charges amounting to INR 488.7 million for the December quarter and INR 1.84 billion for the nine-month period ended December.

 

Shares of the company closed at INR 310.80 on the National Stock Exchange, down 3.7% from the previous close.  End

 

Edited by Subhojit Sarkar

 

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