Petronet LNG stock ignites after Q1FY21 earnings beat estimates
Shares of Petronet LNG Ltd rose about 4% in early deals on NSE on Tuesday following the company’s June quarter results.
The liquefied natural gas (LNG) importer’s standalone Q1 net profit came in at ₹520 crore, above ₹487.90 crore that a Bloomberg poll of analysts had estimated. Petronet’s June quarter net profit fell 7% year-on-year at a time when revenues have decreased at a much sharper rate of 43%.
According to analysts, higher-than-expected volumes and margins drive the earnings beat for the June quarter.
Petronet’s flagship Dahej terminal processed 181 tBtu (trillion British thermal units) of LNG compared to 206 tBtu of LNG processed during the March quarter.
