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Petronet LNG shares rise over 6% as Q2 profit nearly doubles on lower tax rate

Net profit came 90% higher at Rs 1,089 crore in July-September than Rs 572.89 crore net profit in the same period, while its revenue from operations slipped to Rs 9,361.18 crore from Rs 10,745.34 crore in the second of the previous fiscal year

twitter-logo BusinessToday.In        Last Updated: October 30, 2019  | 13:46 IST
Petronet LNG shares rise over 6% as Q2 profit nearly doubles on lower tax rate
Petronet LNG added later that its board of directors approved a special interim dividend of Rs 5.50 per share for 2019-20 fiscal year.

Petronet LNG shares rose over 6% today after the energy company reported nearly doubling of net profit in September quarter on the back of improved margins.

The share price of Petronet LNG opened with a gain of 3.87% today at Rs 290.00, against the previous close of Rs 279.20. Later, the stock price climbed 6.38% to the day's high of Rs 297. Currently, the stock trades a mere 2.97% away from 52-week high of Rs 302 on the BSE.

Petronet LNG is trading higher than its 5, 20, 50, 100 and 200-day moving averages. Volume-wise, 7.4 lakh and 108.35 lakh share changed hands on BSE and NSE.

Net profit came 90% higher at Rs 1,089 crore in July-September than Rs 572.89 crore net profit in the same period, while its revenue from operations slipped to Rs 9,361.18 crore from Rs 10,745.34 crore in the second of the previous fiscal year.

"The company elected to exercise the option of a lower tax rate of 25.17% (announced last month by the government)," the company said in a regulatory filing.

Petronet LNG added later that its board of directors approved a special interim dividend of Rs 5.50 per share for 2019-20 fiscal year.

By Rupa Burman Roy

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