On May 22nd, India’s largest liquefied natural gas importer, Petronet LNG Limited registered a a 20% surge in its net profit in the March quarter, owing to higher LNG volumes. For the entire 2023-24 fiscal (April 2023 to March 2024), Petronet reported highest-ever net profit of Rs 3,536 crore on the back of a 22% growth in volume throughput.
The overall LNG volume processed by the company during the January-March period was the highest ever at 234 TBTU, as against the LNG volume processed in the previous and corresponding quarters, which stood at 232 TBTU and 185 TBTU, respectively. During the financial year ended March 31st, 2024, Dahej terminal processed 865 TBTU of LNG as against 704 TBTU processed during the previous financial year ended March 31st, 2023.
Mr. Akshay Kumar Singh, MD & CEO of Petronet, said, “The net profit reported in the March quarter was Rs 738 crore as compared with Rs 614 crore in the same period of the previous year. The company was able to achieve robust financial results riding on stable LNG prices and achieving efficiency and optimization in its operation.”
Following their phenomenal performance, the PSU’s board of directors has approved a final dividend of Rs 3 per share.
