Petronet LNG posts better-than-expected growth with PAT at Rs 520 crore in Q1 FY2020-21

• Growth in Profit Before Tax (PBT) of the current quarter Q1, FY 2020-21 over the previous quarter Q4, FY 2019-20 is 43%

• Growth in Profit After Tax (PAT) of the current quarter Q1, FY 2020-21 over the previous quarter Q4, FY 2019-20 is 45%

New Delhi: Petronet LNG has reported a better-than-expected profit in Q1 of FY2020-21 in the backdrop of the disruptions caused by the COVID-19 pandemic. According to the quarterly results published by the company on Tuesday, it has posted Profit after Tax (PAT) of Rs 520 crore as against Rs 560 crore in the corresponding quarter of the previous financial year, registering a decrease of just 7 percent. The PAT for the June quarter is higher when compared to the previous quarter when Petronet LNG posted a net profit of Rs 359 crore.

The company has reported Profit before Tax (PBT) of Rs 696 crore in the current quarter, as against Rs 486 crore in the previous quarter and Rs 838 crore in the corresponding quarter. Revenue fell 43 percent to Rs 4,951.9 crore in the first quarter of the current 2020-21 fiscal.

'Despite COVID-19 impact, Petronet LNG registered robust growth'

"In spite of the impact of COVID-19 pandemic on the economy and the Oil and Gas industry, the strong financial results in Q1, 2020-21, was achieved due to robust operational efficiency and effective commercial planning by the company," Petronet LNG said in an official statement. 

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During the quarter ended June 30, Dahej terminal processed 181 TBTU of LNG as against 206 TBTU processed during the previous quarter and 217 TBTU processed during the corresponding quarter. The overall LNG volume processed by the company in the current quarter was 190 TBTU, as against the LNG volume processed in the previous and corresponding quarter, which stood at 219 TBTU and 226 TBTU, respectively.

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