Petronet LNG, one of the fastest growing companies in the Indian energy sector reported a steady rise in standalone net profit for the quarter ended March 2008. During the quarter, the profit of the company rose 13.21% to Rs 1,200.38 million compared with Rs 1,060.33 million in the same quarter last year. The company posted earnings of Rs 1.60 a share during the quarter, registering 13.48% growth over previous year period.
Net sales for the quarter rose 13.89% to Rs 17,526.55 million, while total income for the quarter climbed 13.96% to Rs 17,705.46 million, when compared with the prior year period.
During the quarter the company announced a decline in operating margin of 68 basis points to 12.26% on higher input cost.
The board of directors of the company has recommended on Wednesday a dividend of 15% or Rs 1.50 a share of par value of Rs 10 for the year ended Mar. 31, 2008. This payment is subject to approval of the shareholders in the ensuing annual general meeting, the company said.
Petronet LNG has set up the country`s first LNG receiving and regasification terminal at Dahej , Gujarat, and is in the process of building another terminal at Kochi, Kerala. While the Dahej terminal has a nominal capacity of 5 million metric tons per annum (MMTPA), the Kochi terminal will have a capacity of 2.5 MMTPA.
Shares of the company declined Rs 0.65, or 0.84%, to settle at Rs 76.8. The total volume of shares traded was 1,481,470 at the BSE (Wednesday).