Petronet LNG has dipped nearly 5% at Rs 122 in early morning deals on BSE after reporting a sharp 42% year on year (yoy) decline in net profit at Rs 182 crore for the quarter ended September 2013 (Q2) due to higher raw material cost. The state-owned oil marketing and distribution firm had registered a profit of Rs 315 crore in year ago quarter.
The company’s net sales grew by 25.8% yoy to Rs 9,493 crore mainly due to higher prices of LNG (liquefied natural gas) during the quarter.
The volumes for the company declined 8.9% yoy to 123TBTU mainly due to lower tolling volumes from GAIL and GSPC. The cost of LNG re-gasified increased by 29.9% yoy to Rs 9,032 crore.
The stock opened at Rs 124 and touched high of Rs 126 so far. A combined around 650,000 shares change hands on the counter till 0950 hours on BSE and NSE.
