Petronet LNG, India's largest LNG importer, which accounted for nearly one-fourth of the natural gas supplies in India during FY09, has posted excellent results for the quarter ended March 2009. The company's net profit for the quarter soared 70 per cent to Rs204.35 crore, its highest quarterly profit so far. Net sales grew 51 per cent to Rs2,654.88 crore.

The company's Dahej, Gujarat terminal which handled imports of 5 million tonne per annum (mtpa) of LNG was expanded to 10mtpa during the quarter. The company has undertaken the commissioning of this additional capacity.

Net revenue during the twelve-month period increased 29 per cent from Rs6,555.31 crore a year ago to Rs8,428.70 crore. During the same period other income stood at Rs76.50 crore compared with Rs53.58 crore in the previous year.

During the quarter ended March this year, the company benefited from the spurt in net sales which followed a 3.3 per cent growth in the volumes of natural gas to 82.46 trillion British thermal units (BTU) with a 5 per cent increase in regassification introduced in January 2009 contributing to the results. The operating margin also improved marginally with 11 per cent growth in other income. PBDIT for the quarter at 361.64 crore stood 55 per cent higher.

The stagnant interest and depreciation costs helped the company post 70 per cent growth in pre-tax profits at Rs309.80 crore.

With the result, the company's profit for FY08 has touched Rs518.44 crore translating in per share earnings of Rs6.9. At Friday's closing prices of Rs53, the company's shares are trading at a P/E of 7.7.

Petronet LNG is a company spearheading India's all-out drive to ensure the country's energy security in the years to come.

The company is a joint venture involving India's leading oil and natural gas industry players for importing LNG and setting up LNG terminals in the country. The company has been promoted by GAIL India Ltd (GAIL), Oil & Natural Gas Corporation Ltd (ONGC), Indian Oil Corporation Ltd (IOCL) and Bharat Petroleum Corporation Ltd (BPCL). The company has an authorised capital of Rs1,200 crore.

The company has GAZ de France (GDF) as its strategic partner while Ras Laffan Liquefied Natural Gas Company Ltd, Qatar, has signed an LNG sale and purchase agreement (SPA) with the company for the supply of LNG to India.

The company set up its first LNG terminal at Dahej, Gujarat with a capacity of 5mmtpa and is in the process of setting up another 2.5mmtpa terminal at Kochi, Kerala.