Petronet LNG is down, the second top loser on the BSE currently. The stock hit an intra day low at Rs.220.60, down 5.3%.
Loss on inventory on account of falling gas prices led to Petronet LNG posting a lower net profit of Rs.440 crore v/s Rs.523 crore (YoY).
The loss on inventory valuation as the price of liquefied natural gas (LNG) in international markets slipped from around $8.5 per million British thermal unit (Btu) at the beginning of the quarter to $4.3 Btu.
Based on the accounting norms, the inventory has to be valued at the prevailing price due to which the company had a notional inventory loss of Rs.119 crore.
It ended FY19 with a 4% rise in net profit at Rs.2155 crore.