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Petronet LNG: Lower Volumes Impact Performance - Views on News from Equitymaster
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Petronet LNG: Lower Volumes Impact Performance
Mar 31, 2016 | Updated on Apr 1, 2016

Petronet LNG has announced results for the quarter and the year ending December 2015. The company has reported 56.5% year on year (YoY) decline in the top line while net profits for the quarter grew 9.9% YoY. Here is a brief analysis of the company's performance.

Performance summary

  • Revenues decline by 56.5% YoY during the quarter. For 9MFY16, revenues declined 36.6% YoY.
  • The company posted operating loss worth Rs 84 million during the quarter (excluding other operating income) versus an operating profit of Rs 2.3 billion in the corresponding quarter last year. Including other operating income, the operating profit declined 7.3% YoY.
  • Net profit for the quarter grew 9.9% YoY, with net profit margin at 3.7%, up from 1.5% in 3QFY15.For 9MFY16, the net profit grew 16% YoY with net profit margin at 3.3%, up from 1.8%.

Standalone performance summary

(Rs m) 3QFY15 3QFY16 Change 9MFY15 9MFY16 Change
Sales 110,903 48,219 -56.5% 320,155 202,974 -36.6%
Other operating income 1,082 3,242 199.6% 3,237 7,707 138.1%
Expenditure 108,577 48,302 -55.5% 311,217 199,245 -36.0%
Operating profit (EBDITA) 2,326 -84 nm 8,939 3,730 -58.3%
EBDITA margin (%) 2.1% -0.2% nm 2.8% 1.8% -34.2%
Other income 268 584 117.8% 972 1278 31.4%
Interest (net) 685 588 -14.2% 2,268 1,811 -20.1%
Depreciation 793 807 1.8% 2,337 2,416 3.4%
Profit before tax 2,199 2,348 6.8% 8,543 8,488 -0.6%
Pretax margin (%) 2.0% 4.9% 2.7% 4.2%
Tax 575 564 -2.0% 2,725 1,740 -36.2%
Profit after tax/(loss) 1,624 1,784 9.9% 5,818 6,748 16.0%
Net profit margin 1.5% 3.7% 1.8% 3.3%
No. of shares (m) 750
Diluted earnings per share (Rs)* 13.0
TTM PE* 19.1

*On trailing 12 months basis

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