Petronet achieves highest turnover at Rs 37,748 crores

By Joseph R. Fonseca
Saturday, May 17, 2014
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Petronet LNG Ltd, the nation's biggest importer of gas, reported yesterday its highest turnover at Rs 37,748 crores for the year ended March 31, 2014 and net profit at Rs 712 crores. 

During the year the Dahej terminal processed 489 TBTUs depicting a capacity utilisation of 96%. Kochi terminal was commissioned during the year and processed only 4.50 TBTUs of LNG serving two consumers in the vicinity of the terminal – the BPCL refinery and FACT. The throughput during the year has marginally decreased by about 6% over the previous year on account of sluggishness of
natural gas demand in the Country. The turnover, however, registered an increase of 20% over the previous year – primarily on account of increase in the price of LNG and depreciation of Indian Rupee vs the US Dollar. 

Capitalisation of the terminal at Kochi has added significant costs on account of interest and depreciation.

The Company achieved certain significant milestones during the year:


• Commissioning of the 5 MMTPA greenfield LNG terminal at Kochi,
• Award of EPC contracts for expansion of the Dahej terminal to 15 MMTPA and tie-up of
financing for the same,
• Booking of regas capacity at the Dahej terminal on a long-term use or pay basis,
• The Company has secured an international rating of Baa3 by Moody’s.

The Company also commissioned its second jetty at the Dahej terminal during this month and has started receiving LNG cargoes at the new berth.

The Board of Directors, in its meeting held on April 30, 2014, recommended a dividend of Rs. 2 per equity share of Rs 10 each (20%) for the year 2013-14 subject to the approval of the shareholders.

The Company has already received the necessary clearance from the Ministry of Environment and Forests for its proposed 5 MMTPA greenfield LNG terminal at Gangavaram. It awaits approval of the state Government to go ahead with the project. Pre-qualification of the EPC contractors is in progress.
 
US $ 1 = Rs 60)

Petronet

 


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