Petronet LNG Q2 results: Net profit down 10%, but turnover highest

The company is currently expanding capacity by 9 million tonnes at its LNG terminals in Dahej, and Kochi

Volatility in global LNG prices, coupled with difficulties in sourcing gas, led to a fall in profit of Petronet, India’s largest LNG importer, to Rs 744 crore in the second quarter of FY23 from Rs 824 crore in the year-ago period.

The company, a joint venture of state owned oil Bharat Petroleum, IOCL, ONGC, and GAIL, argued it was able to achieve robust financial results despite high LNG prices owing to the optimisation in its operation.

Petronet LNG reported its highest-ever turnover of Rs 15,986 crore in the current quarter, against Rs 10,813 crore the same period a year ago. Due to