INDIA’S largest LNG importer, Petronet LNG, posted exciting results for the quarter ended March ‘09. The company’s net profit for the quarter jumped 70% to Rs 204.4 crore - its highest quarterly profit so far. Its net sales posted a 51% growth to Rs 2,654.9 crore.
The company achieved mechanical completion of its expansion project of 5 million tonnes per annum, which doubled its LNG import capacity to 10 MTPA during the quarter. The additional capacity is expected to be fully operational by end May ‘09.
During the quarter ended March ‘09, the company was aided by the spurt in net sales, which came on the back of a 3.3% growth in volumes of natural gas to 82.46 trillion British thermal units (TBTU). A 5% increase in regassification charges starting January ‘09 to Rs 30 per million metric British thermal units (MMBTU) also helped. The operating margins improved marginally and with an 11% growth in other income the PBDIT for the quarter stood 55% higher at Rs 361.64 crore. Stagnancy in interest and depreciation costs helped the company post 70% growth in pre-tax profits at Rs 309.80 crore.
With this result, the company’s profit for the entire year FY09 stands at Rs 518.44 crore, translating in per share earnings Rs 6.9. At the latest closing price of Rs 51.75, Petronet’s shares are trading at a P/E of 7.5.
The company has also increased its dividend to Rs 1.75 per share from Rs 1.50 last year, which translates to a yield of 3.4%.
The company achieved mechanical completion of its expansion project of 5 million tonnes per annum, which doubled its LNG import capacity to 10 MTPA during the quarter. The additional capacity is expected to be fully operational by end May ‘09.
During the quarter ended March ‘09, the company was aided by the spurt in net sales, which came on the back of a 3.3% growth in volumes of natural gas to 82.46 trillion British thermal units (TBTU). A 5% increase in regassification charges starting January ‘09 to Rs 30 per million metric British thermal units (MMBTU) also helped. The operating margins improved marginally and with an 11% growth in other income the PBDIT for the quarter stood 55% higher at Rs 361.64 crore. Stagnancy in interest and depreciation costs helped the company post 70% growth in pre-tax profits at Rs 309.80 crore.
With this result, the company’s profit for the entire year FY09 stands at Rs 518.44 crore, translating in per share earnings Rs 6.9. At the latest closing price of Rs 51.75, Petronet’s shares are trading at a P/E of 7.5.
The company has also increased its dividend to Rs 1.75 per share from Rs 1.50 last year, which translates to a yield of 3.4%.
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