Indian Petronet LNG's Q2 Profit Almost Doubles

India’s Petronet LNG October 29 reported a 90.09% yr/yr jump in its net profit for the three months to September 30 (Q2 2020) owing to the lower tax rate.

Company’s net profit in Q2 was rupees 10.89bn ($150mn) as against rupees 5.73bn in the corresponding quarter of the previous year. Sales declined 12.88% yr/yr to rupees 93.61bn in Q2 as against Rs 107.45bn during the same quarter of last year, Petronet LNG said.

“The company elected to exercise the option of lower tax rate of 25.17% under Sec l 15BAA of the Income Tax Act, 1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019,” the company said.

During the April-September (6M 2020) period company’s net profit was rupees 16.50bn compared with rupees 11.78bn in the year-ago period.

Petronet LNG is India's biggest LNG importer and operates two receiving terminals in the country.