Petronet LNG Q3 Results: At 5%, PAT growth misses estimates; top line up 1% sequentially

State-run energy giant Petronet LNG -- the country's largest gas importer -- on Thursday reported a standalone net profit of Rs 848.3 crore for the quarter ended December 31, marking a sequential increase of 5.3 per cent.

The company's third-quarter revenue stood at Rs 11,163.8 crore, up 1.4 per cent over the previous quarter, according to a regulatory filing.

Both quarterly net profit and revenue fell short of analysts' estimates.

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According to Zee Business research, Petronet LNG was estimated to register a standalone net profit of Rs 875 crore with Rs 11,644 crore in revenue for the October-December period.

Petronet's expenses stood at Rs 10,235.9 crore for the quarter ended December 31 as against Rs 10,163.6 crore for the previous three months, as input costs rose to Rs 9,537.9 crore from Rs 9,449.4 crore, according to the filing.

Its total income grew to Rs 11,379.7 crore for the October-December period, from Rs 11,246.3 crore for the previous three months.

Petronet LNG Q3 | Operational performance

Petronet LNG's third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) grew 7.2 per cent sequentially to Rs 1,198 crore, according to the filing.

Its margin -- a key measure of profitability -- improved by 60 basis points (bps) to 10.7 per cent.

The margin was in line with estimates.

Zee Business analysts had pegged Petronet's Q3 margin at 10.7 per cent.

Labour Code expense

The company said that the estimated incremental impact of the new labour laws (which took effect on November 21) was at Rs 25.4 crore.

Petronet LNG April-December earnings

For the first nine months of the financial year, the company registered a net profit of Rs 2,504.6 crore versus Rs 3,926.4 crore for the corresponding period a year ago.

Its revenue came in at Rs 34,052.8 crore for the three-quarter period, as against Rs 38,663.8 crore a year ago.

The company's total income was at Rs 34,748.1 crore for the nine-month period, as against Rs 39,279.6 crore a year ago.

Petronet LNG shares

On Thursday, the Petronet LNG stock declined 2.3 per cent to close at Rs 297 apiece on BSE in a market-wide sell-off fuelled by IT stocks.

At this level, Petronet LNG shares have grown 3.0 per cent so far this year, outperforming a 1.3 per cent gain in the Nifty50.

The stock has declined 1.5 per cent in a year while the benchmark index has risen 12 per cent.

Liquefied natural gas importer and infrastructure giant Petronet LNG operates the country's first and largest LNG receiving and regasification terminals in Dahej (Gujarat) and Kochi (Kerala). These facilities enable the import and conversion of LNG back into natural gas for nationwide distribution.

Petronet LNG accounts for about one-third of the country's total natural gas supply.