New Delhi, January 30, 2025 – Petronet LNG Limited has announced its unaudited financial results for the quarter and nine months ended December 31, 2024, reporting solid revenue figures despite market volatility.
Key Financial Highlights (Standalone)
(All amounts in ₹ Crore)| Particulars | Q3 FY2024 | Q2 FY2024 | Q3 FY2023 | 9M FY2024 | 9M FY2023 |
|---|---|---|---|---|---|
| Revenue from Operations | 12,226.86 | 13,021.82 | 14,747.21 | 38,663.81 | 38,935.27 |
| Other Income | 196.10 | 201.56 | 156.47 | 615.79 | 459.94 |
| Total Income | 12,422.96 | 13,223.38 | 14,903.68 | 39,279.60 | 39,395.21 |
| Cost of Materials Consumed | 10,562.58 | 11,437.09 | 12,617.87 | 33,466.26 | 34,025.64 |
| EBITDA | 1,169.10 | 1,140.37 | 1,597.31 | 3,829.35 | 3,761.38 |
| Net Profit (PAT) | 866.99 | 847.62 | 1,190.67 | 2,856.19 | 2,798.62 |
| EPS (Basic & Diluted) | 5.78 | 5.65 | 7.94 | 19.04 | 18.66 |
Segment Performance
- The company operates in a single segment—Natural Gas Business, which includes the import, processing, and distribution of liquefied natural gas (LNG).
- Revenue decline was attributed to lower LNG demand and lower capacity utilization, leading to "Use or Pay" (UoP) dues from customers.
Consolidated Financial Performance
The consolidated financials show a marginal improvement in profit due to the contribution from joint ventures.| Particulars | Q3 FY2024 | 9M FY2024 |
|---|---|---|
| Consolidated Revenue | 12,423.07 | 39,241.85 |
| Profit Before Tax | 1,168.57 | 3,789.76 |
| Net Profit (PAT) | 901.70 | 2,877.78 |
| EPS (Basic & Diluted) | 6.01 | 19.19 |
Corporate Announcements & Key Developments
- Trade Receivables & UoP Dues: The company reported "Use or Pay" dues of ₹1,666.25 crore, netting ₹963.42 crore after provisioning. It has secured bank guarantees from customers to recover dues.
- Settlement Agreements: Some customers utilized LNG quantities under the Settlement Agreement for UoP dues, leading to a waiver of ₹48.87 crore in Q3 and ₹183.71 crore for 9M FY2024.
Management Commentary
Vinod Kumar Mishra, Director (Finance), commented:Outlook & Investor Takeaway
- The company remains optimistic about LNG demand recovery.
- The UoP dues recovery mechanism is expected to stabilize cash flows.
- Petronet LNG maintains a strong financial position with a net worth of ₹16,962.80 crore.