Profit before tax in Q2 FY24 was at Rs 1,139.62 crore, up 10.08% from Rs 1,035.28 crore recorded in the corresponding quarter last year.

Total expenses declined 23.19% YoY to Rs 11,587.39 crore during the quarter. Cost of materials consumed was at Rs 11,106.91 crore (down 23.70% YoY) while finance cost stood at Rs 74.70 crore (down 7.89% YoY) during the period under review.

On half-year basis, the company's net profit jumped 10.89% to Rs 1,675.02 crore despite of 20.04% decline in revenue from operations to Rs 24,188.95 crore in H1 FY24 over H1 FY23.

Meanwhile, the company has declared an interim dividend of Rs 7 per equity share for FY24.

Furthermore, the company’s board approved investment of Rs 20,685 crore for setting up of petrochemicals project of 750 KTPA of PDH & 500 KTPA of PP plant including propane and ethane handling facility at Dahej, Gujarat.

The company has also accorded its approval for execution of binding Term Sheet between Petronet LNG (PLL) and Deepak Phenolics (DPL) for offtake of 250 KTPA of Propylene and 11 KTPA of Hydrogen from Petronet Petrochemical Project at Dahej, Gujarat for a period of 15 years from the date of first supply of propylene and hydrogen by PLL to DPL.

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 50% stake in Petronet LNG as of 30 September 2023.

The scrip tumbled 8.44% to Rs 201.70 on the BSE.