Petronet LNG Ltd, India's biggest liquid gas importer, today reported almost flat net profit at Rs 245.14 crore in the March quarter and said it is interested in buying a 25% stake in a planned LNG terminal in Gujarat.
Net profit in January-March quarter at Rs 225.14 crore compared with Rs 245.12 crore in the same period last fiscal.
The profits were down because of lower volumes of LNG imported and regassified at its Dahej terminal in Gujarat, Petronet Managing Director & CEO A K Balyan told reporters.
Dahej terminal sendout at 122 trillion British thermal units was lower than 135 Trillion BTUs in in the last quarter as state-owned GAIL India Ltd and Gujarat State Petroleum Corp (GSPC) imported lesser gas because of international prices shooting up to USD 18-19 per million British thermal units, Petronet Director (Finance) R K Garg said.
For the full 2012-13 fiscal, Petronet reported highest ever net profit of Rs 1,149.28 crore, up 8.67% over Rs 1,057.54 crore in the previous fiscal.
The profit was up as the 10 million tons per annum liquefied natural gas or gas super-cooled to turn it into liquid, Dahej terminal was operated at 103% of its capacity, he said.
Balyan said Petronet has put in an expression of interest to buy a 25% stake in a 5 million tons capacity LNG terminal GSPC is planning to build at Mundra in Gujarat.
GSPC would hold 50% stake in the project while Adani Group would take 25%.
"As leading LNG player in the country, we find synergies in taking stake in the planned LNG terminal," Balyan said adding the final investment decision would depend on detailed due diliegence.
Petronet, he said, has mechanically completed construction on a 5 million tons LNG import terminal at Kochi in Kerala and plans to commission it "sometime in July."
The Kochi terminal, however, will operate at just 12% of its capacity in the current fiscal as pipelines taking gas to customers are not ready, he said adding the company plans to import 4-5 shiploads of LNG at the terminal in 2013-14.
Next fiscal, the terminal is expected to operate at 75% capacity when pipeline connecting Kochi to Mangalore and Bangalore are built, he said adding GAIL is planning to connect this pipeline to Chennai.
Also, Petronet plans to expand the Dahej terminal to 15 million tons for which contracts are expected to be awarded by September, he added.
"The company has completed various pre-project activities and is working towards short-listing of potential contractors for construction of another 5 million tons LNG terminal at Gangavaram in Andhra Pradesh," he added.
