Petronet LNG Q2 net profit falls y-o-y by 10%

11 Nov 2022 , 10:10 AM

The second quarter of FY23 saw a decline in Petronet’s profit from Rs 824 crore in the same quarter last year to Rs 744 crore due to volatility in global LNG prices and challenges obtaining gas. Petronet is India’s top LNG importer.

The company, a joint venture between the state-owned oil giant Bharat Petroleum and the companies IOCL, ONGC, and GAIL, said that because of operational optimization it was able to produce strong financial results despite high LNG prices.

In comparison to Rs 10,813 crore at the same period a year earlier, Petronet LNG posted its highest-ever quarterly revenue of Rs 15,986 crore. The company sustained a foreign exchange loss of Rs 98 crore based on its lease liability due to foreign exchange volatility.

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