Mid-cap stock backed by ONGC, IOCL, GAIL, and BPCL to import, process, and sell Liquefied natural gas (LNG) and set-up LNG terminals in India jumped 7 percent in the day’s trade following Q3FY24 results.
At 10:58 a.m the shares of Petronet LNG Limited were trading at Rs. 281.10, up 6.90 percent from its previous day’s close price of Rs. 262.95 and its market capitalization is Rs. 42,135 Crores.
Its revenue from operations declined by 6.52 percent YoY from Rs.15,775.87 Crores in Q3FY23 to Rs. 14,747.21 Crores in Q3FY24 and it grew 17.67 percent QoQ from Rs. 12,532.57 Crores in Q2FY24 to Rs. 14,747.21 Crores in Q3FY24.
Its Net Profit grew by 1.22 percent YoY from Rs. 1,175.94 Crores in Q3FY23 to Rs. 1,190.3 Crores in Q3FY24 and it grew 46.06 percent QoQ from Rs. 814.91 Crores in Q2FY24 to Rs. 1,190.3 Crores in Q3FY24.
Petronet LNG Limited was formed as a joint venture by 4 of the leading Oil and gas PSUs ONGC, IOCL, GAIL, and BPCL to import, process, and sell Liquefied natural gas (LNG) and set up LNG terminals in India.
It has reported a return on equity (ROE) of 22.8 percent and a return on capital employed (ROCE) of 26.6 percent, it is making good returns on its equity and capital employed.
According to the latest shareholding data available for the quarter ended December 2023, the company’s Promoters hold a 50 percent stake, the Foreign Institutional Investors (FII) Hold 26.82 percent and the Domestic Institutional Investors hold 10.95 percent.
Written by: Bharath K.S
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