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Petronet LNG consolidated
net sales declined 18.28% to Rs 11656.38 crore in Q1Fy24 compared to
Q1FY23. Operating profit margin has
jumped from 7.46% to 10.14%, leading to 11.07% rise in operating profit to Rs
1,181.75 crore. Raw material cost as a %
of total sales (net of stock adjustments) decreased from 90.44% to 88.37%. Employee cost increased from 0.32% to 0.43%. Other expenses fell from 1.78% to
1.06%.
Other income rose 16.49% to
Rs 144.66 crore. PBIDT rose 11.63% to Rs
1326.41 crore. Provision for interest
fell 4.24% to Rs 74.55 crore.
PBDT rose 12.75% to Rs
1251.86 crore. Provision for
depreciation rose 0.32% to Rs 191.85 crore.
Profit before tax grew
15.33% to Rs 1,060.01 crore. Share of profit/loss
was 24.58% lower at Rs 31.55 crore.
Provision for tax was expense of Rs 272.28 crore, compared to Rs 236.07
crore. Effective tax rate was 24.94%
compared to 24.57%.
Minority interest was nil
in both the periods. Net profit
attributable to owners of the company increased 13.03% to Rs 819.28 crore.
Promoters’ stake was 50.00%
as of 30 June 2023 ,compared to 50.00% as of 30 June 2022.
Full year results analysis
Net sales of Petronet LNG
have increased 38.76% to Rs 59899.35 crore.
Operating profit margin has declined from 12.16% to 8.10%, leading to
7.52% decline in operating profit to Rs 4,853.96 crore. Raw material cost as a % of total sales (net
of stock adjustments) increased from 85.89% to 90.07%. Employee cost decreased from 0.41% to 0.28%.
Pursuant to the relevant
provision under long term regasification contracts entered by the company,
income towards "Use or Pay charges" of Rs. 848.92 crore in FY 2022-23
for Calendar Year 2022 (Rs 415.91 crore in FY 2021-22 for Calendar Year 2021)
has been recognised on account of lower capacity utilisation by its customers.
The balance confirmation against payment due / advance adjusted is yet to be
received. The management is confident that the payment would be recovered in
due course, being a contractual obligation.
During the current
financial year ended 31st March, 2023, Dahej terminal processed 704 TBTU of LNG
as against 793 TBTU processed during the previous financial year ended 31st
March, 2022. The overall LNG volume processed by the Company in the current
financial year was 752 TBTU, as against the LNG volume processed in the
previous financial year, which stood at 847 TBTU.
Other income rose 75.69% to
Rs 523.07 crore. PBIDT fell 3.05% to Rs
5377.03 crore. Provision for interest
rose 4.15% to Rs 330.51 crore. Loan
funds declined from Rs 3,438.50 crore as of 31 March 2022 to Rs 3,345.01 crore
as of 31 March 2023. Inventories rose to
Rs 1,153.05 crore as of 31 March 2023 from Rs 576.68 crore as of 31 March
2022. Sundry debtors were higher at Rs
3,839.70 crore as of 31 March 2023 compared to Rs 2,684.44 crore as of 31 March
2022. Cash and bank balance rose to Rs
5,685.79 crore as of 31 March 2023 from Rs 4,326.27 crore as of 31 March 2022. Investments rose to Rs 1,368.33 crore as of 31
March 2023 from Rs 1,285.94 crore as of 31 March 2022 .
PBDT fell 3.49% to Rs
5046.52 crore. Provision for
depreciation fell 0.54% to Rs 764.34 crore.
Fixed assets increased to Rs 9,913.34 crore as of 31 March 2023 from Rs
9,749.62 crore as of 31 March 2022.
Intangible assets increased from Rs 0.20 crore to Rs 2.85 crore.
Profit before tax down 4%
to Rs 4,282.18 crore. Share of
profit/loss was 39.91% higher at Rs 138.02 crore. Provision for tax was expense of Rs 1094.38
crore, compared to Rs 1121.17 crore.
Effective tax rate was 24.76% compared to 24.59%.
Minority interest was nil
in both the periods. Net profit
attributable to owners of the company decreased 3.27% to Rs 3,325.82
crore.
Equity capital stood at Rs
1,500.00 crore as of 31 March 2023 to Rs 1,500.00 crore as of 31 March
2022. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was 50.00%
as of 31 March 2023 ,compared to 50.00% as of 31 March 2022.
Cash flow from operating
activities decreased to Rs 2,569.02 crore for year ended March 2023 from Rs
3,468.78 crore for year ended March 2022.
Cash flow used in acquiring fixed assets during the year ended March
2023 stood at Rs 1,057.71 crore, compared to Rs 72.32 crore during the year
ended March 2022.
The Board of Directors of
the Company has approved final dividend of Rs 3.00 per share.
The scrip is trading at Rs 233
at BSE
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Petronet LNG : Consolidated
Results
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Particulars
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2306 (03)
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2206 (03)
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Var.(%)
|
2303 (12)
|
2203 (12)
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Var.(%)
|
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Net Sales
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11,656.38
|
14,263.82
|
-18
|
59,899.35
|
43,168.57
|
39
|
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OPM (%)
|
10.1
|
7.5
|
|
8.1
|
12.2
|
|
|
OP
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1,181.75
|
1,063.99
|
11
|
4,853.96
|
5,248.69
|
-8
|
|
Other Inc.
|
144.66
|
124.18
|
16
|
523.07
|
297.73
|
76
|
|
PBIDT
|
1,326.41
|
1,188.17
|
12
|
5,377.03
|
5,546.42
|
-3
|
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Interest
|
74.55
|
77.85
|
-4
|
330.51
|
317.33
|
4
|
|
PBDT
|
1,251.86
|
1,110.32
|
13
|
5,046.52
|
5,229.09
|
-3
|
|
Depreciation
|
191.85
|
191.24
|
0
|
764.34
|
768.46
|
-1
|
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PBT
|
1,060.01
|
919.08
|
15
|
4282.18
|
4460.63
|
-4
|
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Share of Profit/(Loss) from Associates
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31.55
|
41.83
|
-25
|
138.02
|
98.65
|
40
|
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PBT before EO
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1091.56
|
960.91
|
14
|
4420.2
|
4559.28
|
-3
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
1091.56
|
960.91
|
14
|
4420.2
|
4559.28
|
-3
|
|
Taxation
|
272.28
|
236.07
|
15
|
1094.38
|
1121.17
|
-2
|
|
PAT
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819.28
|
724.84
|
13
|
3325.82
|
3438.11
|
-3
|
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Minority Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
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Net profit
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819.28
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724.84
|
13
|
3325.82
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3438.11
|
-3
|
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EPS (Rs)*
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#
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#
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|
22.2
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22.9
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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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