The March quarter earnings of Petronet LNG Ltd were disappointing, with the company missing expectations on key earnings parameters.
Volume growth was hit by localized lockdowns necessitated by the second covid wave, which weighed on its overall performance.
The company’s key terminal at Dahej in Gujarat, which contributes 95% to its total sales, saw volumes decline 1% year-on-year (y-o-y) and 12% compared to the previous quarter.
Consequently, total volumes at 218 tBtu in Q4FY21 was flat compared to the year-ago period. tBtu is short for trillion British thermal units.
Sequentially, volumes slipped 7% and missed estimates of some analysts. For instance, analysts at Motillal Oswal Financial Services Ltd had estimated volumes to come in at 231 tBtu.
