Petronet LNG on October 30 reported consolidated net profit of Rs 855.74 crore in the second quarter of financial year 2023-24, an increase of around nine percent from the year-ago period.
However, shares of state-run oil and gas company tanked around 10 percent as its costly diversification plan worried investors. The company said its board of directors approved investment of Rs 20,685 crore for setting up of petrochemicals project of 750 KTPA of PDH & 500 KTPA of PP plant including propane and ethane handling facility at Dahej, Gujarat.
“The project would bring revenue generation from sale of Poly-Propylene, Propylene, Propane, Hydrogen and Ethane. The project would also get benefited from utilising ‘ColdEnergy’ of PLL’s existing Dahej LNG terminal making this project energy-efficient,” the company said in an exchange filing.
Revenue from operations stood at Rs 12,532 crore in the quarter ended September 30, compared to Rs 15,985 crore last year.
PLNG’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) increased slightly to Rs 1409.13 crore, from Rs 1308.59 crore in the same period last year.
The board of directors of Petronet LNG declared a special interim dividend of Rs 7 per equity share, with face value of Rs 10 per equity share.
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