India's Petronet LNG reports 20% jump in profit in January-March

Petronet LNG, India's biggest LNG importer, on May 22 reported a 20% year/year increase in standalone net profit for the three months to March 2024 (Q4FY24), driven by higher LNG processed volumes.

The company’s profit rose to 7.38bn rupees ($89mn) in Q4, up from 6.14bn rupees in the same period last year. The overall LNG volume processed during the quarter was 234 trillion Btu, compared to 185 trillion Btu in the previous year. However, the profit declined by 38% quarter/quarter.

Petronet LNG operates two land-based LNG import and regasification terminals on the west coast of India, located in Dahej, Gujarat, and Kochi, Kerala. Looking ahead, the company has ambitious expansion plans, including setting up its third LNG import terminal on the east coast of India.

The company aims to set up its third LNG import terminal, which will be located in east India. In December 2023, Petronet LNG took steps towards this expansion by signing binding transaction documents, including a sub-concession agreement, sub-lease deed, and port service agreement with Gopalpur Ports.

The proposed facility at Gopalpur Port in the state of Odisha will feature a floating storage regasification unit (FSRU) with an initial capacity of around 4mn tonnes/year, expandable to 5mn tonnes/year as a land-based terminal. The project, approved in 2022, marks Petronet's first LNG terminal on the east coast of India.