New Delhi: Petronet LNG has announced The current half year, H1, FY 2023-24, has witnessed a significant milestone for the Company, recording the highest-ever Profit Before Tax (PBT) of Rs 2,164 Crore, marking a remarkable surge compared to the corresponding half year’s PBT of Rs 1,931 Crore. This achievement was accompanied by notable growth in various key performance indicators.
Notably, the Dahej Terminal experienced a substantial upsurge in throughput during the current half year, showing a 13% increase over the corresponding half year of the previous fiscal year, FY 2022-23. Furthermore, both PBT and Profit After Tax (PAT) exhibited a strong growth trajectory, with a 12% and 11% increase respectively in the current half year compared to the corresponding period of the previous fiscal year.
In the current quarter, Q2, FY 2023-24, the Company continued its upward trajectory, registering an 11% increase in PBT and a 10% increase in PAT over the corresponding quarter of the previous fiscal year. Additionally, a 4% growth in both PBT and PAT was reported in the current quarter when compared to the previous quarter, Q1, FY 2023-24.
The quarter ended on 30th September, 2023, showcased the Dahej Terminal’s substantial increase in LNG processing, handling 210 TBTU compared to 182 TBTU during the corresponding quarter in the previous year and 217 TBTU in the prior quarter of the current fiscal year. The Company processed an overall volume of 223 TBTU in the current quarter, as opposed to 192 TBTU and 230 TBTU in the corresponding and previous quarters, respectively.
Throughout the half year ended on 30th September, 2023, the Dahej Terminal processed 427 TBTU of LNG compared to 378 TBTU processed during the corresponding half year of the previous fiscal year. The overall processed LNG volume during the current half year amounted to 453 TBTU, surpassing the 400 TBTU processed in the corresponding half year.
The exceptional financial performance led the Board of Directors to approve a special interim dividend of Rs 7.00 per share, demonstrating confidence in the Company’s strong performance.
The company attributed this robust performance to enhanced operational efficiency and significantly increased capacity utilization of the Dahej Terminal, consistently exceeding 90% in the current quarter and half year, a substantial improvement from the previous fiscal year, where utilization remained below 80%.