Petronet LNG (PETRONET) Q3 24/25 earnings summary

Executive summary

• Achieved highest ever nine-month throughput at Dahej (686 TBTU vs 646 TBTU YoY) and overall (729 TBTU vs 685 TBTU YoY).

• Q3 throughput at Dahej was 213 TBTU (down from 225 TBTU QoQ and 218 TBTU YoY); total Q3 throughput was 228 TBTU (down from 239 TBTU QoQ and 232 TBTU YoY).

• Q3 PAT was ₹867 crore (up from ₹848 crore QoQ, down from ₹1,191 crore YoY); nine-month PAT at ₹2,856 crore (up from ₹2,799 crore YoY).

• Standalone and consolidated financial results for the quarter and nine months ended 31 December 2024 were reviewed and approved by the Board on 27 January 2025.

• The company operates solely in the Natural Gas Business, with no reportable segments beyond this.

Financial highlights

• Standalone revenue from operations for Q3 FY25 was ₹12,226.86 crore, down from ₹14,747.21 crore in Q3 FY24; nine-month revenue was ₹38,663.81 crore.

• Q3 PBT: ₹1,169 crore (vs ₹1,140 crore QoQ, down from ₹1,597 crore YoY).

• Nine-month PBT: ₹3,829 crore (vs ₹3,761 crore YoY).

• Regasification service revenue for the quarter: ₹840 crore (includes ₹117 crore take-or-pay charges).

• Trading gain: ₹26 crore; inventory gain: ₹83 crore for the quarter.

Outlook and guidance

• Expect capacity utilization to remain in the 95%-100% range on expanded capacity.

• Dahej terminal expansion (additional 5 MTPA) expected to be operational by June, with 40%-50% capacity booking anticipated initially.

• Spot LNG prices expected at $12-$14/MMBtu in the next 6 months, potentially dropping to $7-$8/MMBtu post-2027 as new global capacity comes online.

• Petrochemical project CapEx of ₹3,000-₹3,500 crore planned for FY25-26, with commissioning targeted for November 2027.