|
Consolidated net sales
(including other operating income) of Petronet LNG has declined 21.60% to Rs
12532.57 crore. Dahej terminal processed
210 TBTU in Q2FY24 of LNG as against 182 TBTU during Q2FY23 and 217 TBTU during
Q1FY23. The overall LNG volume processed by the company in the current quarter
was 223 TBTU, as against the LNG volume processed in the corresponding and
previous quarters, which stood at 192 TBTU and 230 TBTU respectively.
Operating profit margin has
jumped from 7.33% to 9.69%, leading to 3.59% rise in operating profit to Rs
1,214.69 crore. Raw material cost as a %
of total sales (net of stock adjustments) decreased from 91.07% to 88.62%. Employee cost increased from 0.27% to
0.36%.
Other income rose 74.70% to
Rs 153.61 crore. PBIDT rose 8.55% to Rs
1368.3 crore. Provision for interest
fell 7.89% to Rs 74.7 crore.
PBDT rose 9.69% to Rs
1293.6 crore. Provision for depreciation
rose 1.35% to Rs 194.81 crore.
Profit before tax grew
11.31% to Rs 1,098.79 crore. Share of
profit/loss was 15.15% lower at Rs 40.83 crore.
Provision for tax was expense of Rs 283.88 crore, compared to Rs 249.55
crore. Effective tax rate was 24.91%
compared to 24.10%.
Minority interest was nil
in both the periods. Net profit
attributable to owners of the company increased 8.91% to Rs 855.74 crore.
The robust financial
performance of the current quarter and half year was achieved due to efficiency
in operations and higher capacity utilization of the Dahej Terminal, that
remained consistently above 90% in the current quarter and half year, taking
huge leap from the utilization level in FY 2022-23 that was below 80%.
Equity capital stood at Rs
1,500.00 crore as of 30 September 2023 to Rs 1,500.00 crore as of 30 September
2022. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was 50.00%
as of 30 September 2023 ,compared to 50.00% as of 30 September 2022.
For year-to-date (YTD) results analysis
Net sales (including other
operating income) of Petronet LNG has declined 20.04% to Rs 24188.95
crore. During the half year ended 30th
September, 2023 (current half year), Dahej terminal processed 427 TBTU of LNG
as against 378 TBTU during the corresponding half year ended 30th September,
2022. The overall LNG volume processed by the Company in the current half year
was 453 TBTU, as against the LNG volume processed in the corresponding half
year, which stood at 400 TBTU.
Operating profit margin has
jumped from 7.39% to 9.91%, leading to 7.15% rise in operating profit to Rs
2,396.44 crore. Raw material cost as a %
of total sales (net of stock adjustments) decreased from 90.77% to 88.50%. Employee cost increased from 0.30% to
0.39%. Other expenses fell from 1.54%
to 1.20%.
Other income rose 40.62% to
Rs 298.27 crore. PBIDT rose 10.05% to Rs
2694.71 crore. Provision for interest
fell 6.10% to Rs 149.25 crore. Loan
funds declined from Rs 3,473.81 crore as of 30 September 2022 to Rs 3,186.62
crore as of 30 September 2023.
Inventories declined from Rs 1,945.43 crore as of 30 September 2022 to
Rs 1,360.42 crore as of 30 September 2023.
Sundry debtors were higher at Rs 3,551.34 crore as of 30 September 2023
compared to Rs 3,220.75 crore as of 30 September 2022. Cash and bank balance rose to Rs 7,836.86
crore as of 30 September 2023 from Rs 7,223.79 crore as of 30 September
2022. Investments declined from Rs
633.79 crore as of 30 September 2022 to Rs 565.71 crore as of 30 September
2023.
PBDT rose 11.17% to Rs
2545.46 crore. Provision for
depreciation rose 0.84% to Rs 386.66 crore.
Fixed assets increased to Rs 9,772.53 crore as of 30 September 2023 from
Rs 9,589.72 crore as of 30 September 2022.
Intangible assets increased from Rs 0.28 crore to Rs 2.61 crore.
Profit before tax grew
13.25% to Rs 2,158.80 crore. Share of
profit/loss was 19.52% lower at Rs 72.38 crore.
Provision for tax was expense of Rs 556.16 crore, compared to Rs 485.62
crore. Effective tax rate was 24.93%
compared to 24.33%.
Minority interest was nil
in both the periods. Net profit
attributable to owners of the company increased 10.89% to Rs 1,675.02
crore.
Equity capital stood at Rs
1,500.00 crore as of 30 September 2023 to Rs 1,500.00 crore as of 30 September
2022. Per share face Value remained same
at Rs 10.00.
Promoters’ stake was 50.00%
as of 30 September 2023 ,compared to 50.00% as of 30 September 2022 .
Cash flow from operating
activities increased to Rs 2,111.98 crore for YTD ended September 2023 from Rs
712.73 crore for YTD ended September 2022.
Cash flow used in acquiring fixed assets during the YTD ended September
2023 stood at Rs 323.08 crore, compared to Rs 325.11 crore during the YTD ended
September 2022.
Considering the
performance, the Board of Directors of the Company has approved a special
interim dividend of Rs 7.00 per share.
The scrip is trading at Rs 199
at BSE
|
Petronet LNG : Consolidated
Results
|
|
Particulars
|
2309 (03)
|
2209 (03)
|
Var.(%)
|
2309 (06)
|
2209 (06)
|
Var.(%)
|
2303 (12)
|
2203 (12)
|
Var.(%)
|
|
Net Sales
|
12,532.57
|
15,985.73
|
-22
|
24,188.95
|
30,249.55
|
-20
|
59,899.35
|
43,168.57
|
39
|
|
OPM (%)
|
9.7
|
7.3
|
|
9.9
|
7.4
|
|
8.1
|
12.2
|
|
|
OP
|
1,214.69
|
1,172.54
|
4
|
2,396.44
|
2,236.53
|
7
|
4,853.96
|
5,248.69
|
-8
|
|
Other Inc.
|
153.61
|
87.93
|
75
|
298.27
|
212.11
|
41
|
523.07
|
297.73
|
76
|
|
PBIDT
|
1,368.30
|
1,260.47
|
9
|
2,694.71
|
2,448.64
|
10
|
5,377.03
|
5,546.42
|
-3
|
|
Interest
|
74.7
|
81.1
|
-8
|
149.25
|
158.95
|
-6
|
330.51
|
317.33
|
4
|
|
PBDT
|
1,293.60
|
1,179.37
|
10
|
2,545.46
|
2,289.69
|
11
|
5,046.52
|
5,229.09
|
-3
|
|
Depreciation
|
194.81
|
192.21
|
1
|
386.66
|
383.45
|
1
|
764.34
|
768.46
|
-1
|
|
PBT
|
1,098.79
|
987.16
|
11
|
2158.8
|
1906.24
|
13
|
4282.18
|
4460.63
|
-4
|
|
Share of Profit/(Loss) from Associates
|
40.83
|
48.12
|
-15
|
72.38
|
89.94
|
-20
|
138.02
|
98.65
|
40
|
|
PBT before EO
|
1139.62
|
1035.28
|
10
|
2231.18
|
1996.18
|
12
|
4420.2
|
4559.28
|
-3
|
|
EO Income
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
PBT after EO
|
1139.62
|
1035.28
|
10
|
2231.18
|
1996.18
|
12
|
4420.2
|
4559.28
|
-3
|
|
Taxation
|
283.88
|
249.55
|
14
|
556.16
|
485.62
|
15
|
1094.38
|
1121.17
|
-2
|
|
PAT
|
855.74
|
785.73
|
9
|
1675.02
|
1510.56
|
11
|
3325.82
|
3438.11
|
-3
|
|
Minority Interest (MI)
|
0
|
0
|
-
|
0
|
0
|
-
|
0
|
0
|
-
|
|
Net profit
|
855.74
|
785.73
|
9
|
1675.02
|
1510.56
|
11
|
3325.82
|
3438.11
|
-3
|
|
EPS (Rs)*
|
#
|
#
|
|
#
|
#
|
|
22.2
|
22.9
|
|
|
Notes
|
|
* EPS is on current equity of Rs 1,500.00 crore, Face value of
Rs 10, Excluding extraordinary items.
|
|
# EPS is not annualised
|
|
bps : Basis points
|
|
EO : Extraordinary items
|
|
Figures in Rs crore
|
|
Source: Capitaline Corporate Database
|
|