 "Petronet LNG gains as Q2 profit beats forecast")
Petronet LNG rallied 8% to Rs 374 on the BSE in early morning trade after the company reported robust 82% year on year (YoY) jump in net profit at Rs 460 crore for the quarter ended September 30, 2016 (Q2FY17).
The company had registered a net profit of Rs 253 crore in the corresponding quarter a year ago.
However, total income from operations during the period under review fell 12% to Rs 6,614 crore as against Rs 7,545 crore a year ago. The raw material cost declined 17% to Rs 5,761 crore on YoY basis.
Analysts on an average expected profit of Rs 350 crore on revenues of Rs 5,934 crore.
EBITDA (earnings before interest, taxes, depreciation and amortization) came in at Rs 726 crore, up 54% YoY primarily on account of higher volumes.
At 09:34 am, the stock was up 6% at Rs 369 on BSE as compared to 0.16% decline in the S&P BSE Sensex. The counter has seen huge trading volumes with a combined 2.66 million shares already changed hands in first 20 minutes of trade on BSE and NSE.
The company had registered a net profit of Rs 253 crore in the corresponding quarter a year ago.
However, total income from operations during the period under review fell 12% to Rs 6,614 crore as against Rs 7,545 crore a year ago. The raw material cost declined 17% to Rs 5,761 crore on YoY basis.
Analysts on an average expected profit of Rs 350 crore on revenues of Rs 5,934 crore.
EBITDA (earnings before interest, taxes, depreciation and amortization) came in at Rs 726 crore, up 54% YoY primarily on account of higher volumes.
At 09:34 am, the stock was up 6% at Rs 369 on BSE as compared to 0.16% decline in the S&P BSE Sensex. The counter has seen huge trading volumes with a combined 2.66 million shares already changed hands in first 20 minutes of trade on BSE and NSE.