India's Petronet LNG has reported a robust Q2 FY24 financial performance, with a consolidated net profit of Rs 856 crore ($114 million), marking a 9% YoY increase. The surge in profit is credited to operational efficiency and over 90% capacity utilization at the Dahej terminal.
The company's total income for the quarter was Rs 12,686 crore ($1.69 billion), showing a sequential increase, although it represented an annual decrease. The Dahej terminal processed more LNG compared to previous periods, further contributing to the company's solid performance.
Petronet LNG's board has approved a petrochemicals project that includes a Propane Dehydrogenation Plant (PDH) and a Polypropylene (PP) plant at Dahej. The board also declared an interim dividend of Rs 7 per share.
Looking back at FY23, the company recognized "Use or Pay charges" of Rs 848.92 crore ($113 million) due to lower capacity utilization by customers.
The company has outlined plans for a significant investment in a petrochemicals complex at Dahej. The proposed ₹20,685 crore ($2.75 billion) investment is aimed at diversifying revenues and enhancing energy efficiency through 'ColdEnergy' utilization. This initiative is also expected to contribute to green belt area development.
The anticipated petrochemicals complex project is projected to enhance self-efficiency, lead to significant socio-economic upliftment, and create substantial direct and indirect employment opportunities.
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