Petronet LNG (PETRONET) Q2 24/25 earnings summary

Executive summary

• Dahej terminal throughput for Q2 FY25 was 210 TBTU, unchanged YoY but down from 248 TBTU QoQ; combined Dahej and Kochi throughput was 239 TBTU, up from 223 TBTU YoY and down from 262 TBTU QoQ.

• Half-year throughput reached 473 TBTU, up from 428 TBTU YoY; total six-month throughput was 501 TBTU, up from 453 TBTU YoY.

• Revenue from operations for the quarter ended 30 Sep 2024 was ₹13,024.29 crore, with total income at ₹13,225.94 crore, showing YoY and sequential growth.

• PAT for Q2 FY25 was INR 848 crore, up from INR 818 crore YoY but down from INR 1,142 crore QoQ; consolidated PAT including JVs was ₹870.61 crore.

• Interim dividend of INR 7 per share declared, same as last year.

Financial highlights

• H1 FY25 PBT was INR 2,660 crore, up 23% YoY; PAT was INR 989 crore, up 24% YoY.

• Consolidated PBT for the quarter was ₹1,142.24 crore, and for the half year, ₹2,621.19 crore.

• Earnings per share for the quarter stood at ₹5.80, and for the half year at ₹13.17.

• Net cash generated from operating activities for the half year was ₹2,177.77 crore.

• Regasification service revenue for the quarter was INR 731 crore.

Outlook and guidance

• Expectation of 95%-100% Dahej capacity utilization in H2 FY25, with moderate LNG prices supporting demand.

• Dahej expansion to 22.5 MTPA by March 2025; efforts ongoing to book expanded capacity.

• Kochi pipeline connectivity to national gas grid expected by March/April next year, likely to boost Kochi utilization.

• Management remains confident in the recoverability of significant trade receivables related to "Use or Pay" dues, supported by contractual obligations and bank guarantees.

• Optimistic on future LNG demand due to government focus on increasing natural gas share and moderate global prices.