Petronet LNG reported 12% decrease in sales at Rs 8910.23 crore for the quarter ended December 2019, as against Rs 10097.74 crore in the quarter ended December 2018. The operating profit margins of the company rose 400 bps to 12.4% leading 31% rise in operating profits to 1107.57 crore.
Cost of raw material consumed as a percentage to net sales fell 460 bps to 85.5% from 90.1% in corresponding previous quarter. Employee benefit as a percentage to net sales expenses rose 20 bps to 0.5% while other expenditure increased 40 bps to 1.6%. 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 fell 5% to Rs 84.16 crore compared to Rs 88.44 crore in corresponding previous year quarter leading 27% increase in PBIDT to Rs 1191.73 crore. Interest cost rose 336% to Rs 94.02 crore while depreciation rose 89% to Rs 196 crore. The resultant PBT increased 11% to Rs 901.71 crore. Effective tax rate decreased 520 bps to 25.1% resulting 19% increase in PAT to Rs 675.18 crore.
For nine months ended December 2019 sales decreased 10% to Rs 36884.85 crore as against Rs 30012.23 crore in previous year. The operating profit margins of the company rose 330 bps to 12.2% leading 23% increase in operating profits to 3291.95 crore.
Cost of raw material consumed as a percentage to net sales fell 380 bps to 85.8%. Employee benefit as a percentage to net sales rose 10 bps to 0.4% while other expenditure increased 40 bps at 1.6%.
Other income decreased 4% to Rs 286.09 crore leading a 21% rise in PBDIT to Rs 3578.04 crore. Interest cost rose 292% to Rs 299.67 crore while depreciation increased 88% to Rs 581.91 crore. The resultant PBT before EO increased 5% to Rs 2696.46 crore. The company had EO expense of Rs 72.06 crore compared to nil in the corresponding previous year period. PBT after EO rose 2% to Rs 2624.4 crore.
Effective tax rate decreased 2290 bps to 10.6% resulting 36% increase in PAT to Rs 2338.58 crore.
The scrip closed Rs 270 at BSE
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