New Delhi: Petronet LNG Ltd, India’s biggest gas importer, on Thursday reported its highest ever quarterly net profit on the back of processing record volumes of gas. Net profit at Rs589 crore in July-September was 28% higher than Rs460 crore net profit in the same quarter of previous year, Petronet managing director and CEO Prabhat Singh told reporters in Delhi. “We have beaten all records in the second quarter, be it quantity wise, profit-before-tax or profit after tax (net profit),” he said. Singh said Petronet is looking at an LNG terminal on the east coast and is in talks to take 26% stake in Indian Oil Corp’s (IOC) under-construction 5 million tonnes a year Ennore LNG import terminal in Tamil Nadu. Petronet, he said, is looking for sites like Kakinada in Andhra Pradesh for setting up a 5 million tonnes import terminal irrespective of it getting a stake in Ennore.

Source: Mint November 09, 2017 12:45 UTC