Petronet LNG doubles its net profit in Q2 of FY2019-20

New Delhi: In Q2 of financial year 2019-20, state-run Petronet LNG, India’s largest importer of liquefied natural gas, has nearly doubled its net profit on the back of improved margins, the company said in a regulatory filing on Tuesday. The net profit of Petronet LNG in Q2 stood at Rs 1,089 crores, which was 90 percent higher than the figure reported in the corresponding quarter of the previous fiscal year — Rs 572.
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89 crore.

Revenue from operations, however, declined from Rs 10,745.34 crores in the second of the previous fiscal year to Rs 9,361.18 crores in Q2 of FY2019-20.

Petronet LNG nearly doubles total income

The PSU joint venture company’s total income for the September quarter also nearly doubled to Rs 1,103.14 crores from Rs 562.95 crore in the corresponding quarter of the previous financial year.

‘Company exercised option of lower tax rate’

“The company elected to exercise the option of lower tax rate of 25.17 percent (announced last month by the government),” the company said.

“Accordingly, the deferred tax liabilities (net) (DTL) as at June 30, 2019, and estimate of tax expense for the quarter ended June 30, 2019, have been remeasured and resultant impact of Rs 376 crore on DTL and Rs 70 crore respectively pertaining to previous quarter have been recognised in the current quarter.” Petronet LNG said that its board of directors approved a special interim dividend of Rs 5.50 per share for the 2019-20 fiscal year.