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Home » News » Business » Domestic gas shortage, higher demand to fuel Petronet growth

Domestic gas shortage, higher demand to fuel Petronet growth

India’s largest natural gas importer Petronet LNG reported a strong set of numbers for the March 2011 quarter, which were ahead of most analyst expectations.

The stock’s fall on Wednesday had more to do with the overall market weakness. Domestic gas shortages maintain a strong positive outlook for the company, which means long-term investors should continue to hold. Petronet’s volumes for the March 2011 quarter jumped 37% to 125 trillion British thermal units (TBTUs).

In addition, the 5% increase in the regassification charges implemented every January helped the company boost its quarterly revenues 67% to Rs 3,986 crore. The positive effect of a minor increase in operating profit margin was offset by a fall in other income as the PBDIT stood 63% up year-on-year to Rs 382.7 crore.

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