Q4 Results: Petronet LNG Profit Slips 18% To Rs 614 Cr, Revenue Up 24.3%

India’s largest liquified natural gas (LNG) importer Petronet LNG registered an 18.1 per cent year-on-year (YoY) decline in standalone net profit at Rs 614.25 crore during the fourth quarter (January-March) of FY23.

This was lower than its highest-ever quarterly profit of Rs 1,181 crore in Q3. 

The standalone revenue from operations for the quarter came in at Rs 13,874 crore, growing 24.3 per cent over the corresponding quarter of the previous financial year, the company said in its filing to exchanges.

On the operating front, Ebitda for the March quarter fell by 19.3 per cent to Rs 943 crore. Ebitda margin declined 370-basis points to 6.8 per cent compared to the year-ago period. 

For the full year, Petronet reported its highest-ever turnover of Rs 59,899 crore during FY23.

This is against Rs 43,169 crore in the previous financial year, a growth of 39 per cent.

The company reported profit before tax (PBT) and profit after tax (PAT) of Rs 4,335 crore and Rs 3,240 crore in FY23. This is against Rs 4,474 crore and Rs 3,352 crore, respectively, in the previous financial year.

In a post-results call, Petronet LNG managing director (MD) and chief executive officer (CEO) Akshay Kumar Singh said that over the past three years, India’s overall LNG imports reduced from 26 million tonnes in FY21 and 24 million tonnes in FY22, to 20 million tonnes in FY23.