Petronet LNG reported better than expected numbers with a massive 83% increase in topline to Rs. 4623.31 crore while bottomline rose a brilliant 130% to Rs. 256.71 crore in quarter ended June 2011 compared to corresponding previous year. During the quarter ended June 30, 2011, the company has operated at a capacity utilization of 105%. Sales quantity during the quarter rose smartly by 40% to 133.37 TBTUs on a y-o-y basis. Sequentially rise in volumes is 6%. Increase in volumes was mainly due to higher off take of firm and spot volumes on account of short fall of domestic gas source (KG D6 gas) plus higher re-gasification charges on account of marketing margin earned on spot cargoes.
Quarterly Results
For the quarter ended March 2011, Petronet LNG reported a bumper 83% increase in sales to Rs. 4623.31 crore as against Rs. 2525.96 crore in the quarter ended March 2010. The operating profit margins of the company fell 30 bps to 9.5% leading 77% increase in operating profits growth to Rs. 438.13 crore.
Cost of raw material consumed as a percentage to net sales rose 100 bps to 89.4% from 88.4% in corresponding previous quarter. Staff cost as a percentage to net sales remained fell to 0.1% and other expenses fell 50 bps to 1.5%.
Other income rose 108% to Rs. 26.25 crore leading the PBIDT growth of 78% to Rs. 464.38 crore. Interest costs fell 7% to Rs. 46.38 crore while depreciation fell marginally by 1% to Rs. 45.79 crore. The resultant PBT more than doubled to Rs. 372.21 crore. The effective rate of tax fell 120 bps to 31% from 29.8% resulting 130% rise in PAT to Rs. 256.71 crore.
Year ended results
For year ended March 2011 Petronet LNG reported 24% rise in its net sales to Rs. 13197.29 crore compared to corresponding previous year period. During the financial year 2010-11, the company has regasified a total volume of 440.34 TBTUs against a total volume of 399.62 TBTUs in 2009-10. The operating profit margins improved by 130 bps resulting 44% increase in operating profit to Rs. 1216.27 crore. Other income was 31% lower at Rs. 67.96 crore. Interest costs increased 5% to Rs. 193.13 crore and depreciation rose 15% to Rs. 184.68 crore. As a result PBT rose 51% to Rs. 906.42 crore. The effective rate of tax decreased to 31.6% compared to 32.5% in the corresponding previous year period resulting into 53% increase in PAT to Rs. 619.62 crore. The higher profit is on account of increased volume and increased efficiency in operations.
The scrip is currently trading at Rs. 167.
Petronet LNG: Results
| Particulars | 1106 (3) | 1006(3) | Var (%) | 1103 (12) | 1003 (12) | Var (%) |
| Net Sales | 4623.31 | 2525.96 | 83 | 13197.29 | 10649.09 | 24 |
| OPM (%) | 9.5 | 9.8 | 9.2 | 7.9 | ||
| Operating Profits | 438.13 | 247.72 | 77 | 1216.27 | 846.45 | 44 |
| Other Income | 26.25 | 12.59 | 108 | 67.96 | 97.83 | -31 |
| PBDIT | 464.38 | 260.32 | 78 | 1284.22 | 944.28 | 36 |
| Interest | 46.38 | 49.81 | -7 | 193.13 | 183.93 | 5 |
| PBDT | 418.00 | 210.50 | 99 | 1091.09 | 760.36 | 43 |
| Depreciation | 45.79 | 46.13 | -1 | 184.68 | 160.86 | 15 |
| PBT | 372.21 | 164.37 | 126 | 906.42 | 599.50 | 51 |
| Current Taxation (MAT) | 111.00 | 45.00 | 147 | 265.00 | 141.00 | 88 |
| Deferred Tax | 4.50 | 8.00 | 999 | 21.80 | 54.00 | -60 |
| Net profit | 256.71 | 111.37 | 130 | 619.62 | 404.50 | 53 |
| EPS* (Rs.) | 13.7 | 5.9 | 8.3 | 5.4 |
Thanks & Regards
Rohit Saxena
Phone No: 09899365905
Mail Id: simmi9sep@gmail.com
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