Petronet LNG is all fueled up!

Petronet LNG is the top gainer on the BSE, going up almost 8% at Rs.374, a few minutes after the opening bell.

The stock is up on the back of a very good show for Q2FY17. After some quarters of dismal performances, the company posted its highest ever quarterly net profit at Rs.460 crore, up 82% (YoY). This was thanks to the record volumes it handled - 189 trillion British thermal units (Btus) of natural gas v/s 157 TBtus (YoY). This was on a 11.6% fall in total income at Rs.6706 crore.

It completed expansion of its Dahej LNG import terminal in Gujarat from 10 mtpa to 15 mtpa. This was completed ahead of schedule; it was originally scheduled to get commissioned by end of November. On the other hand, its 5 mtpa plant at Kerala continues to languish and operates at a mere 7% capacity because key pipeline connecting it to customers is not yet ready.