Petronet LNG Dips 7% On Disappointing March quarter Results

Shares of Petronet LNG declined 7 per cent to Rs 229.55 on the BSE in intra-day trade on Wednesday after the firm reported a disappointing set of numbers for the March quarter (Q4FY21). The stock had hit a 52-week low of Rs 207 on October 14, 2020.

The state-owned oil marketing and distribution company reported an 11.6 per cent year-on-year (YoY) decline in consolidated revenue from operations at Rs 7,575 crore and total volumes were flattish YoY (down 7.2 per cent QoQ) at 218 tbtu. The company’s reported profit after tax was up 73.6 per cent YoY at Rs 623.4 crore.

Petronet LNG was formed as a joint venture by the government to import LNG and set up LNG terminals in the country, involving India’s leading oil and natural gas industry players like GAIL (India), Oil & Natural Gas Corporation (ONGC), Indian Oil Corporation (IOCL) and Bharat Petroleum Corporation (BPCL). Each company held a 12.50 per cent stake in Petronet as of 31 March 2021.

The company announced a final dividend of Rs 3.5 per share, in addition to an interim dividend of Rs 8 – totalling Rs 11.5 per share. This translates to a dividend payout of around 60 per cent and a dividend yield of 4.6 per cent for FY21.