Other income rose 18% to Rs 99.67 crore compared to Rs 84.16 crore in corresponding previous year quarter leading 20% increase in PBIDT to Rs 1434.96 crore. Interest cost fell 13% to Rs 81.5 crore while depreciation fell 2% to Rs 192.49 crore. The resultant PBT increased 29% to Rs 1160.97 crore.

Tax expense was Rs 293.89 crore compared to tax expense of Rs 226.53 crore leading 30% rise in PAT to Rs 293.89 crore. Further considering share of profit in JV net profit increased 30% to Rs 882.05 crore.

During Q3FY21 Dahej terminal processed 222 TBTU (thousand British thermal units) of LNG (liquefied natural gas) same as in Q3FY20 and 243 TBTU in Q2FY21. The overall LNG volume processed by the company in the current quarter was 235 TBTU, as against 233 TBTU processed in the corresponding quarter. In the previous quarter, LNG volume processed was 254 TBTU. The strong financial results for the quarter was achieved due to resurgence of demand to pre-COVID 19 level, operational efficiency and effective commercial planning by the company.

For nine months ended Dec20 sales decreased 31% to Rs 18447.58 crore as against Rs 26884.85 crore in previous year. The operating profit margins of the company rose 650 bps to 16.5% leading 13% increase in operating profits to 3046.52 crore.

Other income increased 12% to Rs 309.93 crore leading a 13% rise in PBDIT to Rs 3356.45 crore. Interest cost fell 13% to Rs 81.5 crore while depreciation decreased 2% to Rs 192.49 crore. The resultant PBT before EO increased 15% to Rs 3082.46 crore. The company had nil EO items during the period compared to EO expense of Rs 72.06 crore. PBT after EO rose 18% to Rs 3082.46 crore.

To secure against future escalation in lease rent for the Kochi LNG Terminal and also to settle ongoing litigations with the Cochin Port Trust (CPT), the company had entered into one-time settlement of lease rent to CPT (for the period from 2010 to 2039). In accordance with the onetime settlement, expense of Rs 72.06 crore (amount up to 31st March, 2019) has been recognised during 9MFY20 as an exceptional item.

Tax expense was Rs 785.53 crore compared to Rs 285.52 crore leading 1% fall in PAT to Rs 2296.93 crore. Further considering share of profit in JV net profit decreased 1% to Rs 2301.31 crore.

During 9MFY21 Dahej terminal processed 645 TBTU of LNG as against 679 TBTU processed during the corresponding period. The overall LNG volume processed by the company in the current period was 677 TBTU as against 708 TBTU of LNG volume processed in the corresponding period.

In view of expected increase in capacity utilisation at Kochi terminal, the customers of the company are asking for lower regasification tariff for Kochi Terminal w.e.f, 1st April 2019. The company is in discussion with its customers for volwnes tied up with respect to the said terminal and pending the finalisation of tariff the company has recognised revenue on the basis of offered regasification lariff. The impact of the same, if any, including the possible impact on impairment of Kochi Plant, cannot be determined at this stage

The scrip closed Rs 242 at BSE