Petronet LNG Ltd.PBT +33% to ₹1,514 Cr despite lower volumes

Petronet LNG reported Q1 FY27 standalone profit before tax of ₹1,514 Cr, up 33%, and profit after tax of ₹1,133 Cr, up 33%, while LNG volumes fell to 207 TBTU from 220 TBTU as Qatar declared force majeure and the Strait of Hormuz stayed closed.

Consolidated PBT of ₹1,491 Cr and PAT of ₹1,137 Cr were the highest ever for a first quarter. Dahej utilisation was 66% on its expanded 22.5 MMTPA capacity against 92% a year earlier, and Kochi was 23.27%. Trading gains of ₹301 Cr and inventory gains of ₹193 Cr drove the margin, which management calls a business model that kicks in when spot prices exceed long-term prices and throughput is low. More than two-thirds of the missing Gulf volumes are being replaced through tolling by customers.

The petrochemical project is about 40% physically complete, FY27 capex is budgeted at ₹9,064 Cr, Kochi pipeline connectivity is due by quarter-end and contract renewals with offtakers are expected within two to three quarters.