Petronet LNG Revenue Drops Over 50% Amid West Asia Supply Disruptions
Petronet LNG, India's leading natural gas importer, reported a revenue decline of over 52% in the June-end quarter. This drop is attributed to ongoing conflict in West Asia affecting supply routes.
Key takeaways
- Petronet LNG's revenues decreased by over 52% in the June-end quarter.
- The revenue decline is attributed to supply disruptions caused by the conflict in West Asia.
- Despite lower revenue, the company's net profit rose by approximately 33.2%.
- Approximately 47% of India's LNG imports historically came from Qatar before the recent crisis.
India’s premier natural gas importer, Petronet LNG, experienced a significant decline in its standalone revenues for the quarter ending in June. The company’s revenue fell by more than 52% compared to the same period in the previous year, reaching ₹5,788 crore. This reduction in earnings is linked to disruptions in supply chains caused by the ongoing conflict in West Asia.
Despite the fall in revenue, Petronet LNG’s net profit saw an increase of approximately 33.2%, reaching ₹1,132 crore during the reported quarter. Prior to the escalation of the West Asian crisis, Qatar was a major supplier, accounting for about 47% of India's liquefied natural gas (LNG) imports.
Sources reviewed
Project Chintan independently synthesized and analyzed information cross-checked across the sources listed above.
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