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The company's profit before tax stood at Rs 960.91 crore in Q1 FY23, up 8.6% from Rs 884.88 crore recorded in the corresponding quarter previous year.
Total expenses spiked 72.28% to Rs 13,468.92 crore in Q1 FY23 over Q1 FY22. During the quarter, cost of materials consumed soared 75.77% to Rs 12,900.59 crore and employee benefit expenses rose 6.88% to Rs 45.84 crore.
Petronet LNG was formed as a joint venture by the Government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like Oil & Natural Gas Corporation (ONGC), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL) and GAIL (India). Each company held a 12.50% stake in Petronet LNG as of 30 June 2022.
Shares of Petronet LNG were down 2.29% to Rs 210.85 on the BSE.
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