Ladies and gentlemen, good day and welcome to Petronet LNG Q2 FY 2027 earnings conference call hosted by ICICI Securities Limited. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone phone. Please note that this conference is being recorded. I now hand the conference over to Mr. Probal Sen from ICICI Securities Limited. Thank you, and over to you, sir.
Thank you, Anam. Thank you to everyone who has made time to attend this post-second quarter of FY 2027 earnings call of Petronet LNG Limited. We have with us members of the senior management of the company, including Mr. Saurav Mitra, the Director of Finance as well as the CFO, Mr. Rakesh Chawla, the ED F&A, Mr. Mukesh Gupta, GGM and President F&A, Mr. Vivek Mittal, GGM and President Marketing, Mr. Debabrata Satpathy, CGM and VP of F&A, and Mr. Vikas Maheshwari, GM F&A. Start off with opening remarks from the management, post which we will have an interactive Q&A session. Over to you, Saurav sir.
Good afternoon. Good afternoon, Probal. Good afternoon, ladies and gentlemen. A warm welcome to the earnings call for Q2 FY 2026/2027. I am happy to share that the company has delivered an excellent set of results for the second quarter and the first half of the financial year. This has been our best-ever second quarter as well as our best-ever half year in terms of both PBT and PAT. Let me briefly take you through the key numbers. Starting with operations, we processed 231 TBTU of LNG during the quarter compared to 207 TBTU in the previous quarter and 228 TBTU in the corresponding quarter last year. This represents a growth of 12% over the previous quarter and 1% over the corresponding quarter. At Dahej, throughputs stood at 216 TBTU as against 192 TBTU in the previous quarter and 211 TBTU in the corresponding quarter last year.
I would like to clarify that the utilization percentages for the current and previous quarters are based on Dahej's expanded capacity of 22.5 million ton per annum compared to 17.5 million metric ton per annum last year. So while the reported utilization is lower year-on-year, the actual volumes processed have increased. Coming to capacity utilization, Dahej operated at 73% compared with 66% in the previous quarter and 92% in the corresponding quarter. Overall utilization stood at 64% as against 58% and 78% respectively. The financial performance has been particularly encouraging. PLL achieved a PBT of INR 1,659 crore compared with INR 1,514 crore in the previous quarter and INR 1,083 crore in the corresponding quarter last year. This represents a growth of about 10% sequentially and 53% year-on-year.
Similarly, PAT stood at INR 1,235 crore compared with INR 1,133 crore in the previous quarter and INR 806 crore in the corresponding quarter last year, registering a growth of 9% sequentially and 53% year-on-year. For the first half, PBT stood at INR 3,174 crore and PAT at INR 2,368 crore, both registering a growth of 43% over the corresponding year period last year. I wholeheartedly thank the investors and analysts for reposing their trust on PLL through the years. With this, we open the floor for questions and answer session. Thank you.
Thank you very much, sir. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on their touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question is from the line of Mayank Maheshwari from Morgan Stanley. Please go ahead.
Hi, sir. Thank you for the call and good set of volume numbers today. I had two questions. One, in terms of a big picture view around how you're thinking about India's gas consumption and elasticity to gas prices. Second was more on the Petchem project. If you can just elaborate on the progress for that project as well as what are your CapEx numbers, et cetera, that you spent and the outlook for the second half. Thank you.
I would like to take the second question first, Mayank. Thank you for joining the call. Total CapEx during the first half of the year stood at INR 1,626 crore. However, we expect an uptick in the CapEx during the second half because we have been able to place all the major orders, and the project progress is on schedule. Although financially the progress appears to be a little less, if you see the on-ground physical progress, it is as per the schedule. Secondly, coming to your first question, Vivek, if you can please answer.
Thank you, sir. In terms of gas demand in India, we have seen an uptick in gas demand despite the fact that Qatar volumes are not coming in. In fact, we have done certain analysis. Last year, 2025 calendar year, India imported 25.3 million tons of LNG. In the first nine months of this calendar year, which is 2026, India imported 20.15 million tons. If we do a flow rate of 25 million tons, it works out to around 19 million tons. So vis-à-vis 19 million tons, India imported 20 million tons in the current calendar year. In terms of sources, we have seen U.S., Oman, Nigeria, Angola, Trinidad, and Australia going up. Of course, Qatar and UAE have come down. This entire demand decline from Qatar and UAE has been compensated by these sources.
This is despite the fact that the prices are in the range of $20-$25 from March till September. We believe that Indian demand is resilient. In terms of sectoral, I think fertilizer is a major sector because Qatar volumes used to go into fertilizer in a big way. That demand is being now met through cargoes being sourced either by other suppliers for long term or on spot basis. Other sector which is picking up, we have seen is CGD sector, despite the fact that CGD companies are not doing well, but the demand continues to grow. The PPAC numbers also reflect now. In fact, CGD is probably the top consuming sector in India, very closely followed by fertilizer sector. These two sectors have contributed to demand growth. Power is also supported because coal supplies were impacted during this period.
Power also we have seen gas going into power sector. These three sectors primarily we will attribute this demand to.
Yeah, if I was just to kind of extend this question a bit in terms of-
I'm sorry to interrupt you, sir. Your voice is breaking a lot. I request you to please use your handset.
Is this better?
No, sir, it's not.
Hello?
Yes, sir.
Is it better?
Yes, sir. Please go on.
Yeah. Okay, so I just extending the question in terms of like, if consumer demand's been reasonably resilient, any timelines you can give us in terms of trying to kind of secure the contracts for the capacity that you have at Dahej? Anything that you can kind of share around that?
So in terms of utilization, as you would have seen, the capacity holders continue to bring in their volumes in a bigger way. We are in discussions with certain capacity holders to do a tie-up on long-term basis also, the existing capacity holders, I mean. In addition to this, the new players who are entering the market or the ambition to enter the market, they are also in discussions to tie up capacity. But the existing players, primarily GAIL, IOC, BPCL, GSPC, all continue to do well and bring more volumes and contractually committed.
Got it. Thank you.
Thank you. A reminder to all the participants, you can press star and one to ask questions. The next question is from the line of Bineet Banka from Nomura. Please go ahead.
Hi, sir. Thanks for the opportunity. I have a couple of questions. Firstly, on the demand, I think in September there was a sharp decline in LNG imports, if you look at PPAC data. During the second half of September, I think the spot LNG prices also touched around $30 per MMBTU. How is the demand tracking now, and do you think we will be able to achieve this strong demand that we see in second quarter and third quarter as well? How is October tracking for you?
We have not visualized what the October looks like, but the demand has been constantly steady. We are not seeing any major decline in demand till October. That's all we can say at this point of time. I don't think the prices touched $30 in September. In September, we were doing what we did in the previous months, I mean, to say in August 2026. Even October has been more or less similar. What it would be future, we believe it should be more or less on the same lines.
And sir, in second quarter, what was trading and inventory gains?
From now onwards, we will not give guidance on trading and inventory gains separately. There will be only one figure, which is the gain from operational and commercial efficiencies, which is INR 658 crore.
So, okay, INR 658 crore gain from some efficiency measures. So if you adjust that INR 658 crore and divide by the volume brought in total, so we guess tariff implied number will be much lower than the usual run rate. Was there any additional cost with respect to maybe the freight on the Qatar volume that you had brought in, and you had to pay a higher cost which you will not be able to pass on to offtakers? Was there something like that in the second quarter?
There could be some additional cost this time. Couple of cargoes were brought from Qatar also.
Yeah. Okay, sir. Okay. On the LNG vessel charters only, on the note, I can read that there is INR 625 crore of claims with respect to LNG charter companies. But if I look at FY2026 lease expense, this number was INR 690 crore for full year. So how come you have INR 625 crore claim only on seven months of this year? And then this is for three vessels, whereas the lease expense is for four vessels.
If you read the note, it is mentioning that the charter has charges and related associated costs also, which include the cost of fuel, et cetera, as well. You see, there is some claims from the charter side. There are some counterclaims from Petronet also. That is why this figure has come. And as a prudent practice, we have disclosed the entire claim elaborately in the note.
Okay, sir. One last question, if I may. So you have, I think, the charter market for LNG, unlike crude tanker market, is softer. I would agree to that. But why is Petronet not looking to, say, use the three vessels which are currently not being used to maybe give out to as a sub-chartering and maybe earn some money on that? Why it is not being done?
You must have noticed that we have suspended the time charter agreement, and all the three vessels are under suspension. The lessors are free to use the vessels. Since we have suspended the charter, we cannot use it, and we will not use it also. It is up to the lessor who have leased the ships to us. They are now going to use it if they wish to.
This suspension is valid only till force majeure from Qatar. If that is lifted, the suspension will also be lifted. Is it correct?
Yes, till now, yes. You never know tomorrow what happens.
Okay. Lastly, on same lines, for your vessel Aseem, I think the contract is till 2034, and your Qatar volume is till 2028. So six years, what is the plan for using the vessel? Are we going to pay lease expense on something which we are not using, or we are going to sublease to somebody?
No, definitely, there are business opportunities. We will not definitely keep the vessel idle. We are also in touch with various offtakers who can effectively use this vessel.
Thank you, sir. I will get back in with you.
Thank you. The next question is from the line of Siddharth Rath from InCred Capital. Please go ahead.
Hi. Thank you for this opportunity. So, basically, when we see in the volume terms, sequentially, it grew by around 11%. However, the revenue grew about 30%. Is it largely due to the marketing volumes, or it is something else? Can you comment on that?
Yeah, we have answered that in the other question. That gain from operational and commercial efficiencies, due to that, it has increased.
Sorry?
Due to the operational and commercial efficiencies that we have mentioned in the other question, due to that, this difference is there.
Okay. Can you just bifurcate the volumes in terms of your marketing part and-
Total 12%.
Regasification part?
That is composition of two volumes. 12% growth is total volume growth. Some is Qatar and some is other than Qatar. The Qatar volume is against turnover, so turnover growth is higher than that.
Okay. Okay, that should come.
Thank you. The next question is from the line of Nitin Tiwari from PhillipCapital India Limited. Please go ahead.
Hi, sir. Good day. Thanks for the opportunity. A couple of bookkeeping questions from my end, sir. What was the, basically, the regas revenue in this quarter, the service revenue?
Yeah, it's INR 1,272 crores.
INR 1,272 crores. Also, if you can give the details around any forex gain or losses, trading gain loss, or any inventory changes.
See, as I answered in the previous question, from now onwards, we will give guidance only on one figure, that is operational and commercial efficiency. Gain from operational and commercial efficiency, that comes to INR 658 crores. Instead of different trading gains or inventory gains.
Understood. Basically, this operational efficiency gain comprises of trading and inventory-related changes, or it also includes forex?
No, forex is separate. Basically, this is, you can say it includes both of them.
Okay. Any forex-related changes, sir, in this quarter?
Forex, due to this lease accounting, there is a forex loss of INR 27 crore.
INR 27 crore. Okay. Right, sir. Lastly, like, you know, any further updates on basically Gopalpur Terminal and, like, you know, PDH-PP project? What is the completion rate at this moment? Although, basically, DS sir indicated that second half CapEx would be higher, but a figure would be helpful, what you are looking for in the second half.
Definitely, we plan to achieve the target CapEx, but there are several factors, you know. If you follow the S-curve, generally, you know, at the beginning, the financial progress is at a higher level. Then over the period, during the peak project, the physical progress always, the curve goes ahead of the financial progress.
As I told you that we have ordered all the major contracts, so we expect that physical progress definitely will be as per the schedule. The financial progress will be definitely much, much better than what we have achieved in the first half of this financial year.
Got it, sir. Basically, when you say that we are on target for our CapEx this year, which is about INR 9,000 crore, what we have targeted, right? So we have done about INR 1,600 in the first half. So second half would be making up for the rest of it. Lastly, sir, if I may, one more. What was the Gorgon volume at Dahej, if any, in this quarter, and also in the previous quarter, if you may help me with that number?
Yeah, it's 12 TBTU, YTD. Last quarter it was 10 TBTU, this quarter it is 2 TBTU.
10 and then 2. That's all from my end, sir. Thanks. I'll get back in with you.
Thank you. The next question is from the line of Aryan Vadaria from Equitas Investments . Please go ahead.
Sir, what was the regas tariff for your Kochi and Dahej terminal this quarter?
Regas tariff for Kochi and Dahej.
Dahej, yes.
You know, the entire industry, rather than speaking out on the tariff in this call, I would prefer that you gather this information from the industry sources. But I can tell you that the Dahej tariff is the lowest in the country.
No, no, sir. Of course, not. All right, no issues. Actually, my second question was just on the depreciation line item, because I think the force majeure, which is getting taken into lease accounting, that is having some kind of volatility on our depreciation line. Could you maybe just quantify and give some color on that?
Yes, yes, you are right. Because of the force majeure, basically, there is a lease accounting, and you rightly said that we have modified the right-of-use asset. According to that, the depreciation has changed a bit.
If the force majeure continues, what we have in this quarter, can we take that as the run rate?
For depreciation?
Yes.
Yes, you can take that, but then we will guide in each and every quarterly call.
Sure, that is fine. Yeah. Thank you.
Thank you. The next question is from the line of Keshav from Kotak. Please go ahead.
Hi, sir. Thanks for the opportunity. Sir, you mentioned that FY2027 aggregate CapEx is around INR 9,000 crore. Can you share the similar guidance for 2028 and 2029 as well?
2028 should be at the same level. From 2029 onwards, the gradual drop phase will start.
Okay, that's very helpful. Thank you.
Thank you. The next question is from the line of Achal Shah from Ambit Capital. Please go ahead.
Hi, sir. Am I audible?
Yes.
Sir, you mentioned efficiency gains worth around INR 650 crore. My understanding is that it will have components which you refrain from disclosing. The sense is that once things normalize and spot LNG prices moderate, you could see a sharp reversal in the inventory part and even on the trading gains part, and there will be some obviously efficiency part. Is the understanding correct? Once things normalize, we could see a sharp fall or even a negative figure on this efficiency part?
No, we cannot comment on the efficiency. What we can comment is the throughput. Basically, everybody knows that if the price falls, then the normal throughput will go up. The normal sales of the volume or the service component will go up. In case of rising prices, basically there could be some kind of efficiency gains. This is all we can tell you.
Basically, they offset against each other. That is the message you are trying to get.
Understood. Got it.
Thank you. The next question is from the line of Amit Murarka from Axis Capital. Please go ahead.
Yeah, thanks for the opportunity. I think the obvious question which is around the contract renewals in April 2028. So, where are we on the discussion with the current offtakers, and when do you expect the finalization of that to come through?
We are already in discussion. Those discussions we have been seeing every call are ongoing, so the status continues ongoing. But I don't think it's a matter of concern. We are very hopeful that before the contract starts, everything will be certified and proven.
Right. Regarding this 5 million ton Dahej expansion, are you looking for take-or-pay right now, or you think that you will be looking for it once the current environment settles down?
The take-or-pay will take place once there is a committed offtake agreement. For the additional 5 million ton, we have not signed any offtaker agreements or any commitment is there from the offtakers.
No, what I meant was, are you even looking for it right now in this current environment, or will you look to kind of close the take-or-pay later?
Definitely, capacity tie-up on a long-term basis is always preferred, so that gives the sustainability. But having said that, as we mentioned previously, the LNG spot price will decline. Definitely, there are many players in the market who are looking to tie up capacity alongside the volume. We are very hopeful that tie-ups can be done very quickly once the current environment is normalized.
Got it. Also, if you have any update on the pipeline, the Kochi-Bangalore pipeline.
I think GAIL has been very, very hopeful, though we have been saying that for many quarters. I think within this financial year, it should get connected with the national grid. In fact, GAIL is still saying December, but as a company, we are being slightly conservative, and we believe within this financial year, it should get connected to the national grid.
Sure. Okay, that is all from me. Thank you.
Thank you. The next question is from the line of Saurabh Handa from Citigroup. Please go ahead.
Yeah, thank you for the opportunity. My first question is, there have been some press reports that Qatar has been tying up some long-term U.S. LNG volumes. I just wanted to check, is there some sort of discussion that you are having where they could offer a portion of some of these volumes to you, in lieu of the fact that they are not being able to service their current contracts?
These volumes tie-up which they have done, as you may have noted in those press releases, start from 2030-2031. It's not immediate basis that these volumes are being tied up. And definitely, we have had some discussion with Qatar to diversify supply under the renewed contract, which will start in 2028. Definitely they are willing to consider that they may offer certain portion of volume from other sources which they have tied up. But at this point of time, it is not relevant because these contracts taking only 2030-2031, the Woodside as well as the shale gas one.
Okay. On your existing contract, there is likely not too much of flexibility for them to source some volumes from you from other sources?
Currently, of course, the U.S. volume quarter is all mostly tied up. Currently there is no surplus volume which is uncommitted in the U.S.
Okay, got it. Just my second question, you spoke about the efficiency gains of INR 658 crore. Could you tell us the number in the previous quarter in Q1 as well as in Q2 of last year?
Q1, it was INR 494 crore.
Okay, and in the corresponding quarter, Q2 of last year?
Corresponding quarter, it was INR 41 crore.
Okay, that's it from me. Thank you.
Thank you. The next question is from the line of Hardik Solanki from ICICI Securities. Please go ahead.
Thanks for the opportunity, sir. First on the petchem CapEx, can you mention what CapEx so far we have spent? Secondly, in terms of, we are able to source the additional volume from U.S., Oman, Nigeria, to offset the fall in volume from Qatar. Is this a long-term contract or they are just the feeder for near term? If it's a long term, what's the contract size we are doing? Thanks.
Thanks. Total CapEx on Petronet LNG project will incur around INR 3,600 crore till date, up to September 30.
Can you please repeat the second question?
Yeah. In terms of, we are able to source the additional volume from U.S., Oman, and few other countries to offset the decline in volume from Qatar. Are they the long-term contracts, and what would be their contract size?
This is basically not necessarily that Petronet LNG is sourcing. This is being supplied by our capacity holder. This is a India aggregate number, not necessarily the Petronet LNG number. And of course, it includes a mix of long-term as well as spot short-term contracts.
Okay.
Those are processed at our facility under the tolling agreements with the offtakers.
Okay. Got it. Thank you.
Thank you. A reminder to all the participants, you can press star and one to ask questions. The next question is from the line of Bineet Banka from Nomura. Please go ahead.
Sir, just one more bit on the petchem plant. So, for the PDH process and also for the polymerization process, what is the total OPEX per ton, if you can give a guidance? Is $100 a ton a fair assumption, or it will be higher?
No, I think it is too premature to comment on that. We will talk about this maybe about a year from now.
And sir, for this plant, what will be the useful life for the petchem facility?
25 years.
Okay, thank you.
Thank you. Next question is from the line of Siddharth Rath from InCred Capital. Please go ahead.
Yeah, thank you for having me again. My question is, you said that when the LNG prices are high, the tolling volumes will increase, and the regas volumes will increase in the normal circumstances when the LNG prices are softened. Can you explain me how or why that happens?
No, no. We never said that. What we said is, once the spot prices soften, of course, there are two things. One is our Qatar volumes are not flowing in. The Qatar volumes, once they start flowing in, that will definitely have a positive impact.
Sorry, can't hear. Your voice is breaking.
What we are saying is that once the Qatar volumes normalize, the Strait of Hormuz issue is resolved, the Qatar volumes will start flowing in. That will automatically increase our gas sale and purchase volumes. Secondly, if the spot prices soften, the numbers could be even better than this is what we are processing today.
Okay.
Because demand in India will increase.
Okay.
In other words, I would like to clarify. What we have said is that our business model actually is such that whenever the spot prices are high, we tend to gain through our trading activities and operational efficiencies. Whenever the spot prices are low, then the long-term volumes, they come in, and our margins are protected. In any way, either way, our capacity utilization of the plants remain the same, as well as our margins are protected.
Got it. Sir, is it the case that whenever the spot prices are high, like and your force majeure coming up from Qatar.
No, you are not audible. Sorry. Can't hear you. Sorry.
Yeah, I am audible now?
Yes.
Hello? Yeah. I was saying that, is it the case that whenever there is a force majeure, for example, right now you have force majeure coming on from Qatar, and definitely you would have extended the same kind of force majeure on your customers. Right now, you are not bound to get the same kind of regasification tariff. You will definitely source the LNG from somewhere else, let us say U.S., Nigeria. You will put some marketing margin over and above that, and definitely you will sell it to the same kind of customers. And hence, you are gaining the trading gain or the marketing gain, which will compensate the loss which you would have incurred due to the low throughput in the high-price environment like this. Is it the case that in a high-price environment, you would be making a trading inventory gain, basically which will offset the losses of the low throughput?
In the low-pricing environment, basically the increase in throughput would compensate for definitely the decrease in the trading and inventory and the marketing gain. So, this is how it works?
Yes, we agree with the last part of your reply.
What about the former one?
The former one, actually, we do not import on our own. In case of other than the long-term contract that we have, whenever there is a force majeure situation like the present one, our offtakers are actually bringing in cargoes and compensating the loss in volume. They are making up the volume required for the nation to sustain its energy needs. This is the bottom line that we want to clarify, that whenever there is a force majeure situation like the present one, we do not bring any molecule on our own. It is only our offtakers who are bringing in volumes. We say, when we say that we are having some operational efficiency gains, these gains are out of the various operational saving, operational efficiencies through fuel cost save, lesser fuel used, and minimizing the boil-off loss.
These are the operational efficiencies gains through which we balance out the loss in our long-term volume.
But if that is the case, sir, then definitely the gain which you would have posted in this quarter, the previous quarter, that should remain as it is irrespective of whatever LNG prices, global LNG prices is. Even if it falls down to, let us say, $10, $9, if it is purely due to the operational efficiency gain, why would it fade away or go away with the low prices?
The operational efficiency gains, we are able to trade in the market. That is where the gain comes from.
In very short form, the efficiencies are always there. The best place to monetize it is when the prices are high. That is the answer.
Got it. Right now, you are along with the regasification tariff, you would also be procuring your own cargoes. You would be putting some trading and marketing, and you are gaining through that, and you are selling to the offtakers.
No, we never take exposure on volume. We never take exposure of volume or price. We never procure any cargo without tying it up downstream. What we are speaking about is the internal efficiencies, basically, the operational and commercial efficiencies, due to which we secure certain molecules and we monetize it at the appropriate time.
Okay, sure. Thank you.
Thank you. The next question is from the line of Vikash Jain from CLSA. Please go ahead.
Hi. Thanks for taking my question. This is more to do with the demand, macro demand setup. It has been quite resilient broadly if you look at the PPAC numbers or any of that roughly flat demand for the quarter, despite where prices are for the September quarter. Do you think that at this juncture, we have more or less all of the less price-sensitive demand which is there, and the incremental increase is, of course, more dependent on as LNG prices versus crude cools off, and that is something which is and which industries would that be coming from? Is it refinery, petchem, or anything else which I am missing over there? What is, I mean, the surprising resilience despite the fact that when I look at year-over-year, in fact, power demand is actually not up versus the previous similar September quarter last year.
What has really, it has been surprising, it has been completely city gas or anything else which I am missing here?
I think refinery, petchem, city gas, these sectors, if the prices soften, could further drive up the demand.
You believe there could be further upside in city gas with the softer prices?
We definitely, refinery, petchem is not consuming to their full potential, because the volume is short in the market, so they are optimizing with liquid fuel, so consuming more of liquids rather than gas. But if the prices soften, they could definitely consume more.
That part is easier to appreciate, Vivek, but in terms of city gas also, do you sense when you talk to people that there is further upside? Because that is one area which is up 10% year-over-year.
No, it's a growing demand sector. The numbers itself in PPAC reflect it. It's now more than fertilizer. So, definitely that sector will continue to grow, and if the prices soften, there could be more conversions, more LPG getting replaced with the CNG. So, all that could drive up the demand.
Okay. The other thing was, effectively in this current demand situation, Petronet's volume, not the mix, the volume hasn't really got worse than what it would have been, or worse than what it would have been even with the long-term LNG flowing through, right? I mean, your year-over-year volume is up despite the fact that overall Indian gas demand is flat. So, long-term LNG coming in, why would that lead to higher volume? It's just replacing one versus the other. Isn't that the right way to the way it will play out?
The long-term volume, once it flows in, definitely the spot prices will soften. As we previously just discussed, if the spot prices soften, the demand could further go up.
We can see the trend of January and February this year. Actually, we can surpass that trend.
Okay. Just one thing, this nomenclature change that you were talking about, sorry, operational and efficiency gain, till the previous conference call, if I were to compare these numbers, this is what we used to call trading and inventory gain, is that, or it includes anything incrementally beyond that?
Largely, it is both of them, nothing extra.
Okay. Thank you, Vivek. Thank you so much.
Thank you. The next question is from the line of Khushboo Balani from Equirus Securities Private Limited. Please go ahead.
Yeah, so actually, we saw that the Qatar volumes came in Q2, and they are slightly, of course, recovering in October month also. So, how much of this catch-up will be of previously deferred cargoes versus the delivery against the current contractual schedule? So, that was my question.
It was part of the current contractual schedule only. Some of the cargoes which were able to cross Strait of Hormuz were delivered to us. It is not a catch-up of the previous volume. It was primarily out of the, let us say, in the month of, or from July to December, they were to deliver 28 cargoes. They were able to deliver six cargoes. So, it is a new backing.
Okay. Okay. Thanks.
And why I say six cargoes is because it was larger cargoes, so it is equivalent to six standard cargoes, because these were delivered to Q-Flex vessels.
Okay. Okay.
Thank you. That was the last question for today. I now hand the conference over to the management for closing remarks.
Thank you for participating. I would like to end the conference call on a very positive note, which I didn't share in my opening address. Considering the performance, the board of directors of the company has approved an interim dividend of INR 7 per share. As we have been committing all our stakeholders that despite the huge CapEx program and cash outflow projections, we will be able to maintain the dividend outgo per share, obviously, not in terms of dividend yield. And that we have been able to keep our words, keep our commitment. With that note, thank you once again, and see you again at the end of next quarter.
Thank you. On behalf of Petronet LNG, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.