Petronet LNG reports 20.4% drop in Q1 net profit at Rs 225 crore

NEW DELHI: Petronet LNG Ltd ( PLL), India’s importer of liquefied natural gas, has reported 20.4% drop in its net profit at Rs 225 crore in the first quarter of current financial year despite robust demand, mainly because of lower margins.

The company’s 10 million tonne per annum (mmtpa) Dahej LNG terminal was operated at 102% capacity in the quarter that raised its turnover by 20% at Rs 8,444 crore, PLL Managing Director & CEO AK Balyan said.

“Considering the demand of natural gas in the country, the company is expending the capacity of its Dahej terminal to 15 mmtpa,” he said.

PLL has achieved financial closure for the expansion project by signing Rs 2,250 crore loan agreements with State Bank of India and HDFC Bank and plans to award the contract for the project in next couple of months, the company said in a statement.

PLL’s Kochi terminal will be commissioned next month and pre-project activities at the proposed 5 mmtpa Gangavaram terminal in Andhra Pradesh has already been completed, it said. The project is planned to be commissioned in 2016.