Shares of Petronet LNG Ltd are just 6% away from its highs in January on NSE. Petronet imports and regasifies LNG (liquefied natural gas).
In keeping with the performance of other companies, Petronet too felt covid-19 lockdown’s adverse impact for the March quarter. Reported earnings before interest, tax, depreciation and amortisation (Ebitda) at almost Rs698 crore was below many analysts’ estimates. Apart from lower volumes, the company’s profitability was hurt owing to a forex loss of ₹180 crore and a one-time contribution of ₹100 crore to the PM cares fund.
The company’s flagship Dahej terminal processed 206 tBtu (trillion British thermal units) of LNG, representing a 7% decline from the December quarter. In other words, the Dahej terminal utilisation stood at about 93% in the March quarter compared to about 100% in the December quarter.
