Petronet LNG Ltd Achieves Record Profits Amid Contractual Concessions
Petronet LNG Ltd, India's largest gas importer, reported its highest-ever quarterly profit amid contractual payment recoveries for defaulted gas volumes. Despite challenges in import volumes due to high spot LNG prices, the firm aims to expand its Dahej facility. Revenue growth was supported by strategic recovery mechanisms and bank guarantees.
- Country:
- India
In a significant financial milestone, Petronet LNG Ltd, the largest gas importer in India, has declared its highest quarterly profit, driven by payments received from gas offtakers who previously defaulted on their commitments.
The company reported a net profit of Rs 1,070.18 crore for the January-March quarter, marking a 23.4% increase compared to the previous year, as disclosed in a stock exchange filing. This rise was largely attributed to Rs 360.94 crore received in 'use or pay' charges from offtakers since 2021.
Despite decreased processing volumes due to elevated spot LNG prices, Petronet is progressing with the expansion of its Dahej import facility in Gujarat. The completion timeline has been adjusted for security measures, with a revised target of June 2025.
(With inputs from agencies.)
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