Petronet LNG reported 38% increase in sales at Rs 10745.34 crore for the quarter ended September 2018, as against Rs 7770.23 crore in the quarter ended September 2017. The operating profit margins of the company fell 330 bps to 8.2% leading 2% decrease in operating profits to 883.72 crore.
Cost of raw material consumed as a percentage to net sales rose 340 bps to 90.2% from 86.8% in corresponding previous quarter. Employee benefit as a percentage to net sales expenses was up 20 bps to 0.4% while other expenditure decreased 30 bps to 1.2%. The foreign exchange fluctuation on purchase of LNG is a pass–through cost to the customers and has been included in cost of materials consumed
Other income rose 9% to Rs 111.48 crore compared to Rs 101.93 crore in corresponding previous year quarter leading 1% decrease in PBIDT to Rs 995.2 crore. Interest cost fell 46% to Rs 24.89 crore while depreciation remained flat at Rs 103.7 crore. The resultant PBT increased 2% to Rs 866.61 crore. Effective tax rate increased 430 bps to 35% resulting 4% decrease in PAT to Rs 562.95 crore.
During the quarter ended 30th Sep, 2018 (current quarter), the company processed 217 TBTU of LNG, as against 220 TBTU in Q1, 2018-19 (previous quarter) and 220 TBTU in Q2, 2017-18 (corresponding quarter). The company's Dahej terminal has operated at around 110% of its name plate capacity and processed a volume of 211 TBTU of LNG in the current quarter, as against 214 TBTU in the previous quarter and 210 TBTU in the corresponding quarter. Kochi terminal handled 6 TBTUs of LNG.
For half year ended September 2018 sales increased 40% to Rs 19914.49 crore as against Rs 14205.34 crore in previous year. The operating profit margins of the company fell 240 bps to 9.1% leading 11% increase in operating profits to 1818.13 crore.
Cost of raw material consumed as a percentage to net sales rose 280 bps to 89.3%. Employee benefit as a percentage to net sales too was flat at 0.3% while other expenditure decreased 30 bps at 1.3%.
Other income increased 22% to Rs 210.46 crore leading a 12% rise in PBDIT to Rs 2028.59 crore. Interest cost fell 41% to Rs 54.86 crore while depreciation remained flat at Rs 205.94 crore. The resultant PBT increased 17% to Rs 1767.79 crore.
Effective tax rate increased 260 bps to 35% resulting 12% increase in PAT to Rs 1149.92 crore.
The company has processed highest ever volume of 437 TBTU over six months period ending 30th September, 2018, witnessing a growth of 6% over the corresponding period ending 30th September, 2017 (i.e. 412 TBTU).
The scrip closed Rs 224 at BSE
|