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Petronet LNG consolidated
net sales increased 47.33% to Rs 11160.37 crore in Q4FY22 compared to
Q4FY21. In view of expected increase in
capacity utilization at Kochi terminal, the customers of the company had been asking
for lower regasification tariff for Kochi Terminal w.e.f. 1st April 2019. The
company was in discussion with its customers for volumes tied up with respect
to the said tem1inal. The customers of the company have now committed
additional volumes w.r.t. Kochi terminal and accordingly the tariff has been
revised w.e.f. I st April 20 19. As a result, during the quarter ended 31st
March 2022, the company has given credit note of Rs. 178.14 crore w.r.t.
revenue booked from 1st April, 2019 till 31st December 2021 by adjusting
revenues for the current quarter.
Pursuant to the relevant
provision under long term regasification contracts entered by the company,
income towards "Use or Pay charges" of Rs. 415.91 crore (Rs 83.24
crore in Q4`21-22 and Rs 332.67 crore in Q3`21-22 ) in FY 2021-22 for Calendar
year (CY) 2021 has been recognised on account of lower capacity utilisation by
its customers. The balance confirmation/payment against the same is yet to be
received. The management is confident that the payment would be recovered in
due course.
Operating profit margin has
declined from 14.40% to 10.47%, leading to 7.11% rise in operating profit to Rs
1,168.63 crore. Raw material cost as a %
of total sales (net of stock adjustments) increased from 82.98% to 87.66%. Employee cost decreased from 0.57% to
0.39%. Other expenses fell from 2.05%
to 1.48%.
Other income rose 65.55% to
Rs 81.37 crore. PBIDT rose 9.63% to Rs
1250 crore. Provision for interest fell
1.23% to Rs 80.29 crore.
PBDT rose 10.46% to Rs
1169.71 crore. Provision for depreciation
fell 6.51% to Rs 189.63 crore. Profit before tax grew 14.48% to Rs 980.08
crore. Share of profit/loss was 213.47%
higher at Rs 45.61 crore. Provision for
tax was expense of Rs 234.71 crore, compared to Rs 232.75 crore. Effective tax rate was 22.88% compared to
26.73%.
Net profit
attributable to owners of the company increased 23.99% to Rs 790.98 crore.
Equity capital stood at Rs
1,500.00 crore as of 31 March 2022 to Rs 1,500.00 crore as of 31 March
2021. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was 50.00%
as of 31 March 2022 compared to 50.00% as of 31 March 2021 .
Full year results analysis
Net sales of Petronet LNG has increased 65.89% to Rs 43168.57
crore. Operating profit margin has
declined from 18.06% to 12.16%, leading to 11.69% rise in operating profit to
Rs 5,248.69 crore. Raw material cost as
a % of total sales (net of stock adjustments) increased from 79.55% to 85.89%. Employee cost decreased from 0.57% to
0.41%. Other expenses fell from 1.83%
to 1.54%.
Other income fell 17.09% to
Rs 297.73 crore. PBIDT rose 9.64% to Rs
5546.42 crore. Provision for interest
fell 5.54% to Rs 317.33 crore. Loan
funds declined from Rs 3,652.93 crore as of 31 March 2021 to Rs 3,438.50 crore
as of 31 March 2022. Inventories rose to
Rs 576.68 crore as of 31 March 2022 from Rs 337.18 crore as of 31 March 2021. Sundry debtors were higher at Rs 2,684.44
crore as of 31 March 2022 compared to Rs 1,874.53 crore as of 31 March
2021. Cash and bank balance declined
from Rs 4,342.34 crore as of 31 March 2021 to Rs 4,326.27 crore as of 31 March
2022. Investments declined from Rs
1,706.97 crore as of 31 March 2021 to Rs 1,285.94 crore as of 31 March
2022.
PBDT rose 10.72% to Rs
5229.09 crore. Provision for
depreciation fell 1.99% to Rs 768.46 crore.
Fixed assets declined from Rs 10,338.40 crore as of 31 March 2021 to Rs
9,749.62 crore as of 31 March 2022.
Intangible assets declined from Rs 0.22 crore to Rs 0.20 crore.
Profit before tax grew
13.25% to Rs 4,460.63 crore. Share of
profit/loss was 421.13% higher at Rs 98.65 crore. Provision for tax was expense of Rs 1121.17
crore, compared to Rs 1018.28 crore.
Effective tax rate was 24.59% compared to 25.73%.
Net profit
attributable to owners of the company increased 16.97% to Rs 3,438.11
crore.
Equity capital stood at Rs
1,500.00 crore as of 31 March 2022 to Rs 1,500.00 crore as of 31 March
2021. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was 50.00%
as of 31 March 2022 compared to 50.00% as of 31 March 2021.
Cash flow from operating
activities decreased to Rs 3,468.78 crore for year ended March 2022 from Rs
3,559.23 crore for year ended March 2021.
Cash flow used in acquiring fixed assets during the year ended March 2022
stood at Rs 72.32 crore, compared to Rs 73.04 crore during the year ended March
2021.
The Board of Directors have
recommended final dividend of Rs 4.5 per equity share (Face Value of Rs 10/-
per equity share).
The scrip is trading at Rs 213
at BSE
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Petronet LNG : Consolidated Results
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Particulars
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2203
(03)
|
2103
(03)
|
Var.(%)
|
2203
(12)
|
2103
(12)
|
Var.(%)
|
|
Net
Sales
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11,160.37
|
7,575.32
|
47
|
43,168.57
|
26,022.90
|
66
|
|
OPM
(%)
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10.5
|
14.4
|
|
12.16
|
18.1
|
|
|
OP
|
1,168.63
|
1,091.09
|
7
|
5,248.69
|
4,699.54
|
12
|
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Other
Inc.
|
81.37
|
49.15
|
66
|
297.73
|
359.08
|
-17
|
|
PBIDT
|
1,250.00
|
1,140.24
|
10
|
5,546.42
|
5,058.62
|
10
|
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Interest
|
80.29
|
81.29
|
-1
|
317.33
|
335.95
|
-6
|
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PBDT
|
1,169.71
|
1,058.95
|
10
|
5,229.09
|
4,722.67
|
11
|
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Depreciation
|
189.63
|
202.83
|
-7
|
768.46
|
784.09
|
-2
|
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PBT
|
980.08
|
856.12
|
14
|
4460.63
|
3938.58
|
13
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Share
of Profit/(Loss) from Associates
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45.61
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14.55
|
213
|
98.65
|
18.93
|
421
|
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PBT
before EO
|
1025.69
|
870.67
|
18
|
4559.28
|
3957.51
|
15
|
|
EO
Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT
after EO
|
1025.69
|
870.67
|
18
|
4559.28
|
3957.51
|
15
|
|
Taxation
|
234.71
|
232.75
|
1
|
1121.17
|
1018.28
|
10
|
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PAT
|
790.98
|
637.92
|
24
|
3438.11
|
2939.23
|
17
|
|
Minority
Interest (MI)
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0
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0
|
-
|
0
|
0
|
-
|
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Net
profit
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790.98
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637.92
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24
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3438.11
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2939.23
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17
|
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EPS
(Rs)*
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#
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#
|
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22.92
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19.59
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Notes
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*
EPS is on current equity of Rs 1,500.00 crore, Face value of Rs 10, Excluding
extraordinary items.
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#
EPS is not annualised
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bps
: Basis points
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EO
: Extraordinary items
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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