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Petronet LNG: Higher utilization supports performance - Views on News from Equitymaster
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  • Oct 24, 2015 - Petronet LNG: Higher utilization supports performance

Petronet LNG: Higher utilization supports performance
Oct 24, 2015

Petronet LNG has announced results for the quarter and the year ending September 2015. The company has reported 33% year on year (YoY) decline in the topline while net profits for the quarter declined by 5.3% YoY. Here is a brief analysis of the company's performance.

Performance summary

  • Revenues decline by 33.2% YoY during the quarter.
  • The operating profits (excluding other operating income) for the quarter declined by 10.1% YoY while margins for the quarter stood at 6.4%, versus 4.8% in the corresponding quarter last year.
  • At 5.3% YoY, the decline in net profits for the quarter was relatively modest due to decline in interest costs, increase in other income and lower effective tax rate on a year on year basis. Net profit margin for the quarter stood at 3.4% versus 2.4% in 2QFY15.
  • RLNG off take as per long term sales contracts with offtakers was just 68% of the quantity planned for the 9 months ended September 2015. This has resulted in lower off take by the company as well. As per the management, take or pay obligations, if any, will be determined after the close of the calendar year as per the long term contractual provision (which is materially back to back).
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