Petronet LNG reported better than expected numbers with a massive 75% increase in topline to Rs 6330.26 crore while bottomline rose a brilliant 73% to Rs 295.38 crore in quarter ended December 2011 compared to corresponding previous year. Sales quantity during the quarter rose smartly by 21% to 144.963 TBTUs on a y-o-y basis. Sequentially rise in volumes is 7%.
Quarterly Results
For the quarter ended December 2011, Petronet LNG reported a bumper 75% increase in sales to Rs 6330.26 crore as against Rs 3627.64 crore in the quarter ended December 2010. The operating profit margins of the company fell 160 bps to 7.9% leading 46% increase in operating profits growth to Rs 503.25 crore.
Cost of raw material consumed as a percentage to net sales rose 80 bps to 90.1% from 89.3% in corresponding previous quarter. Staff cost as a percentage to net sales fell to 0.1% from 0.2% and other expenses rose 90 bps to 1.9%.
Other income rose 203% to Rs 16.40 crore leading the PBIDT growth of 48% to Rs 519.64 crore. Interest costs fell 32% to Rs 34.47 crore as the company had repaid Rs 500 of debt in the current quarter while depreciation remained flat at Rs 46.29 crore. The resultant PBT increased 73% to Rs 438.88 crore. The effective rate remained flat at 32.7% from resulting 73% rise in PAT to Rs 295.38 crore.
Nine Months ended results
For nine months ended December 2011 Petronet LNG reported 77% rise in its net sales to Rs 16320.43 crore compared to corresponding previous year period on account of higher volumes and better realizations. During 9MFY'12, the company has total sales quantity of 413.38 TBTUs against a total volume of 314.59 TBTUs in 9MFY'11, up by 31%. The operating profit margins fell by 90 bps resulting 61% increase in operating profit to Rs 1389.72 crore. Other income was 72% higher at Rs 62.76 crore. Interest costs decreased 16% to Rs 126.69 crore and depreciation fell 1% to Rs 138.38 crore. As a result PBT rose a massive 94% to Rs 1187.42 crore. The effective rate of tax decreased to 31.6% compared to 32.5% in the corresponding previous year period resulting into 97% increase in PAT to Rs 812.42 crore.
The scrip is currently trading at Rs 163
Petronet LNG: Results
| Particulars | 1112 (3) | 1012(3) | Var (%) | 1112 (3) | 1012(3) | Var (%) | 1103 (12) | 1003 (12) | Var (%) |
| Net Sales | 6330.26 | 3627.64 | 75 | 16320.43 | 9211.32 | 77 | 13197.29 | 10649.09 | 24 |
| OPM (%) | 7.9 | 9.5 | | 8.5 | 9.4 | | 9.2 | 7.9 | |
| Operating Profits | 503.25 | 345.61 | 46 | 1389.72 | 864.96 | 61 | 1216.27 | 846.45 | 44 |
| Other Income | 16.40 | 5.41 | 203 | 62.76 | 36.59 | 72 | 67.96 | 97.83 | -31 |
| PBDIT | 519.64 | 351.02 | 48 | 1452.49 | 901.56 | 61 | 1284.22 | 944.28 | 36 |
| Interest | 34.47 | 50.70 | -32 | 126.69 | 149.99 | -16 | 193.13 | 183.93 | 5 |
| PBDT | 485.17 | 300.32 | 62 | 1325.80 | 751.56 | 76 | 1091.09 | 760.36 | 43 |
| Depreciation | 46.29 | 46.48 | 0 | 138.38 | 139.22 | -1 | 184.68 | 160.86 | 15 |
| PBT | 438.88 | 253.84 | 73 | 1187.42 | 612.34 | 94 | 906.42 | 599.50 | 51 |
| Current Taxation (MAT) | 136.00 | 75.00 | 81 | 362.00 | 175.00 | 107 | 265.00 | 141.00 | 88 |
| Deferred Tax | 7.50 | 8.00 | -6 | 13.00 | 24.00 | -46 | 21.80 | 54.00 | -60 |
| Net profit | 295.38 | 170.84 | 73 | 812.42 | 413.34 | 97 | 619.62 | 404.50 | 53 |
| EPS* (Rs.) | 15.8 | 9.1 | | 14.4 | 7.3 | | 8.3 | 5.4 | |
*Annualised on Equity Share Capital Rs 750 crore;
Face value Rs 10
Var. (%) exceeding 999 has been truncated to 999
LP: Loss to Profit PL: Profit to Loss
EO: Extraordinary items
EPS is calculated after excluding EO and relevant tax
Figures in Rs crore
Source: Capitaline Corporate Database |