Petronet LNG has reported a ₹1,089 crore consolidated net profit for the quarter ending financial year 2019-20.
This is nearly twice the ₹572.89 crore net profit reported by the company in the same quarter of the preceding year.
The company’s Board of Directors has also declared special interim dividend of ₹5.50 per equity share (of the face value of ₹10 each) for the financial year 2019-2020.
Total revenue however declined to ₹9458.70 crore during the period under review from ₹10856.82 crore in the comparable quarter of the preceding fiscal.The higher profit can be attributed to lower tax incidence.
“The Company elected to exercise the option of lower tax rate of 25.17 per cent under Sec 115BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019.”
