Petronet LNG profit up 9%, to invest Rs 20,685 cr in petrochem plant

India’s largest liquified natural gas importer Petronet LNG’s net profit grew 9 per cent to Rs 855.7 crore for the second quarter of 2023-24 (Q2FY24) owing to efficiency in operations and higher capacity utilisation of its Dahej Terminal.

The terminal’s utilisation level, which was 80 per cent in FY23, has remained consistently above 90 per cent in FY24 so far.

Sequentially, the profit was 4.4 per cent higher than Rs 819.3 crore registered in the first quarter.

The state-run firm’s revenue from operations for the quarter came in 21.6 per cent lower Y-o-Y at Rs 12,532 crore, the company said.