Petronet LNG profit up 55% to Rs 377 crore in June quarter

Petronet LNG Ltd on Monday posted a nearly 55 per cent jump in its standalone net profit at Rs 377.86 crore for the quarter ended June 30, 2016.

The company had reported a net profit of Rs 244.12 crore in the corresponding quarter a year ago, it said in a BSE filing on Monday. However, total income during the period under review fell to Rs 5,386.66 crore as against Rs 8,411.61 crore a year ago.

Petronet LNG has set up the country’s first LNG receiving and regasification terminal at Dahej, Gujarat, and another terminal at Kochi, Kerala.

While the Dahej terminal has a nominal capacity of 10 MMTPA (equivalent to 40 MMSCMD of natural gas), the Kochi terminal has a capacity of 5 MMTPA (equivalent to 20 MMSCMD of natural gas). The company is in the process to build the third terminal at Gangavaram, Andhra Pradesh.

Formed as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country, it involves India’s leading oil and natural gas industry players.

Its promoters are GAIL (India) Ltd, Oil & Natural Gas Corporation Ltd, Indian Oil and Bharat Petroleum. The authorised capital is Rs 1,200 crore (USD 240 million).