Petronet LNG reports consolidated profit of Rs 670.06 cr for June quarter

The company is betting on plateauing domestic production and possible LNG demand from tyhe transport segment

Petronet LNG reported a consolidated profit of Rs 670.06 crore for Q1FY22. This is 34 per cent higher than the Rs 499.79 crore reported in the corresponding period last year.

The consolidated total revenue during the period under review stood at Rs 8,666.47 crore, up from Rs 4,951.95 crore in the same period of Q1FY21.

Petronet LNG’s earnings have moved in tandem with the opening up of the economy, and gas demand recovery, as Coronavirus (Covid-19) restrictions have eased.

Spot LNG prices had reached record high levels during January 2021 touching $32.50 per million British thermal units (mBtu). The prices have tempered since,