Latest News | Petronet Net Falls 11% in Q2

New Delhi, Nov 8 (PTI) Petronet LNG Ltd, India's biggest liquefied natural gas importer, on Tuesday reported an 11 per cent drop in its September quarter net profit on reduced volumes.

Net profit of Rs 823.02 crore in the July-September was 11.24 per cent lower than the net profit of Rs 927.3 crore a year back, according to the company's filing to the stock exchanges. Revenue jumped 70 per cent to Rs 10,894.72 crore on the back of a surge in international energy prices.

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The spike in global rates meant a lesser amount of LNG cargoes were imported beyond the committed contracts as domestic customers couldn't afford such high prices. Petronet said its board declared a special interim dividend of Rs 7 per equity share for fiscal 2021-22.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)