Petronet LNG Ltd reported a 98.5 per cent jump in its net profit for the second quarter at Rs 260.33 crore, against Rs 131.12 crore in the corresponding period last year.
The company's turnover increased by 75.5 per cent at Rs 5,366.87 crore against Rs 3,057.72 crore in the same quarter last year.
The sharp rise in net profit was achieved on the back of additional volumes with better margins and operational efficiency, according to Mr A.K Balyan, Chief Executive Officer, Petronet.
The liquefied natural gas (LNG) importer plans to invest Rs 3,000 crore on expanding its Dahej plant's capacity to 15 million tonnes from the present 10 MT. During the quarter, the Dahej terminal had operated at 106 per cent of its capacity.
During the quarter, the company's total re-gasified volume rose to 135.08 trillion British thermal units against 99.78 tBtus in the corresponding quarter last year.
“Construction work at the Kochi terminal is on schedule and it is expected to be commissioned by the fourth quarter this year. We expect to commission 5 million tonnes in the October-December quarter next year,” he said.
Petronet may also consider setting up a terminal in the East Coast, Mr Balyan said. By 2015, the company is expected to build a capacity of 25 million tonnes, he added. The company is also in talks with LNG projects in Australia to source supplies for its expansion.
To check attrition and reward performing employees, the company's board has approved the setting up of a trust to purchase shares from the open market for an employee stock options scheme, said Mr R.K Garg, the Finance Director.