India's Petronet Reports Record Quarterly Profit

India’s biggest LNG importer, Petronet LNG, February 10 reported its highest ever quarterly net profit in the three months to December 31 (Q3 2020) thanks to a higher volume of LNG processed.

The company’s Q3 consolidated net profit was rupees 6.79bn ($94mn) compared with rupees 5.86bn in the same period last year, a jump of almost 16%. Consolidated total revenue was rupees 89.94bn, down 11.7% yr/yr, the company said.

During Q3 Petronet processed 233 trillion Btu of LNG, as against 202 trillion Btu in the same quarter last year. The company’s Dahej terminal has operated at around 100 % of its nameplate capacity and processed a volume of 222 trillion Btu of LNG in Q3 as against 197 trillion Btu in the corresponding quarter of the previous year. Petronet’s Kochi terminal handled 11 trillion Btu of LNG.

Petronet operates two receiving terminals in the country: one at Dahej in west India and one at Kochi in south India.