Petronet LNG slips 5% as turnover decline in December quarter

NEW DELHI: Shares of Petronet LNG slumped over 4 per cent in Thursday's trade after the company reported its December quarter earnings post market hours on Wednesday. The nation's biggest LNG importer saw net profit rise 10 per cent during the quarter under review to Rs 178.39 crore from Rs 162.39 crore a year ago.

Reacting to the earnings, the scrip tumbled 4.49 per cent to hit a low of Rs 240 on the BSE.

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Turnovers, however, decreased to Rs 5,204.45 crore in the quarter from Rs 11,225.3 crore in the year-ago period as the company reduced offtake of LNG under long-term contract with Qatar. The profit figure is higher because of importing higher volumes of LNG and operational efficiencies, Petronet Director ( Finance) R K Garg said.