Petronet LNG (PETRONET) Q3 24/25 earnings summary

Executive summary

• Achieved highest ever nine-month throughput at 729 TBTU, with Dahej contributing 686 TBTU and Kochi 43 TBTU, reflecting year-over-year growth.

• Q3 throughput at Dahej was 213 TBTU, down from 225 TBTU in the previous quarter and 218 TBTU year-over-year; total Q3 throughput was 228 TBTU.

• Profit before tax (PBT) for Q3 was ₹1,169 crore, up from ₹1,140 crore year-over-year; PAT for Q3 was ₹867 crore, compared to ₹848 crore in the previous quarter.

• 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

• Q3 PBT: ₹1,169 crore (vs. ₹1,140 crore YoY); Q3 PAT: ₹867 crore (vs. ₹848 crore previous quarter).

• Nine-month PBT: ₹3,829 crore (vs. ₹3,761 crore YoY); nine-month PAT: ₹2,856 crore (vs. ₹2,799 crore YoY).

• 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.

• Standalone profit after tax for Q3 FY25 was ₹866.99 crore, compared to ₹1,190.67 crore in Q3 FY24; nine-month profit after tax was ₹2,856.19 crore.

• Consolidated profit after share of joint ventures was ₹901.70 crore for the quarter and ₹2,877.78 crore for nine months.

Outlook and guidance

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

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

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

• No specific throughput guidance, but management remains optimistic about maintaining record volumes.