Petronet LNG rises after reporting Q3 PAT at Rs 1,196 cr

Petronet LNG rose 1.28% to Rs 225.65 after the company's consolidated net profit increased by 3.2% to Rs 1,196.46 crore in Q3 FY23 from Rs 1,159.46 crore reported in Q3 FY22.

Renenue from operations stood at Rs 15,775.87 crore in Q3 FY23, registering a growth 25.2% as against Rs 12,597.22 crore recorded in the corresponding quarter previous year.

Profit before tax rose 3.4% to Rs 1,601.39 crore in quarter ended 31 December 2022 as compared to Rs 1,548.66 crore posted in Q3 FY22.

Total expenses jumped 29.08% year on year to Rs 14,374.64 crore in Q3 FY23. During the quarter, cost of materials consumed surged 29.56% to Rs 13,856.71 crore and employee benefit expenses grew 26.74% to Rs 45.12 crore.

Petronet LNG was formed as a joint venture by the Government of India to import liquefied natural gas (LNG) and set up LNG terminals in the country, involving India's leading oil and natural gas industry players like Oil & Natural Gas Corporation (ONGC), Bharat Petroleum Corporation (BPCL), Indian Oil Corporation (IOCL) and GAIL (India). Each company held a 12.50% stake in Petronet LNG as of 31 December 2022.

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