State-run Petronet LNG on Friday reported a 3 per cent yoy growth in consolidated net profit at ₹1,197 crore for the October-December quarter.
However, on a sequential basis, the net profit of the country’s largest LNG importer was higher at 53 per cent from ₹784 crore in Q2.
The company’s consolidated net profit during Q3 FY23 fell marginally to ₹15,956 crore from ₹16,074 crore on a qoq basis. On a sequential basis, the income was higher by 26 per cent.
During the quarter under review, the Dahej terminal processed 154 trillion British Thermal Units (TBTU) of liquefied natural gas (LNG) as against 182 TBTU during the previous quarter ended September 30, 2022 and 196 TBTU during the corresponding quarter ended December 31, 2021. .
The overall LNG volume processed in the quarter was 167 TBTU, as against the LNG volume processed in the previous and corresponding quarters, which stood at 192 TBTU and 208 TBTU, respectively.
During the nine months ended December, 2022, Dahej terminal processed 532 TBTU of LNG as against 615 TBTU processed during the corresponding nine months ended December, 2021.
The overall LNG volume processed by the company in the current nine months was 567 TBTU, as against the LNG volume processed in the corresponding nine months, which stood at 657 TBTU.
“Due to foreign exchange volatility, the lease liability has an accounting impact of foreign exchange loss amounting to ₹60 crore in the current quarter, as per the provisions of the relevant Indian Accounting Standards (Ind AS). The company was able to achieve robust financial results despite high LNG prices, owing to optimization in its operation,” Petronet LNG said in a statement.