Petronet LNG share price surged as much as 5.2 per cent.
Shares of Gujarat-based natural gas processing company – Petronet LNG surged as much as 5.2 per cent to hit an intraday high of Rs 267.70 a day after it reported June quarter earnings. Petronet LNG’s annual net profit in June quarter declined 11 per cent to Rs 500 crore from Rs 562 crore in the same quarter last year. Its revenue from operations declined 43 per cent to Rs 4,883.57 crore, the company said in a stock exchange filing.
Meanwhile, the company has appointed Sanjeev Kumar as an additional director, Petronet LNG said in its annual report.
The operations of Petronet LNG were not materially interrupted during the lockdown due to outbreak of COVID-19, as natural gas was declared as one of the essential commodities by the Government of India, Petronet LNG said.
“The company has evaluated the possible effects on the carrying amounts of property, plant and equipment, goodwill, inventory, loans, receivables and debt covenants basis the internal and external sources of information and determined, exercising reasonable estimates and judgements, that the carrying amounts of these assets are recoverable.
Considering the above, and the Company’s healthy liquidity position, there is no uncertainty in the going concern of the Company and the Company will be able to meet its financial obligations over the foreseeable future,” Petronet LNG added.
As of 12:29 pm, Petronet LNG shares traded 2 per cent higher at Rs 260, outperforming the Sensex which was up 0.6 per cent.
