Petronet LNG Limited (NSE: PETRONET) Q1 2026 Earnings Call dated Jul. 28, 2025
Corporate Participants:
Unidentified Speaker
Probal Sen — Investor Relations
Rakesh Chawla — Group General Manager & President
Vikram Mishra — Chief Financial Officer
Vivek Mittal — Vice President Marketing
Debabrata Satpathy — General Manager (F&A)
Analysts:
Unidentified Participant
Param Vora — Analyst
Maulik Patel — Analyst
S. Ramesh — Analyst
Varatharajan Sivasankaran — Analyst
Sabri Hazarika — Analyst
Tanay Kotecha — Analyst
Kirtan Mehta — Analyst
Mayank Maheshwari — Analyst
Presentation:
operator
Ladies and gentlemen, good day and welcome to Petronet LNG Q1FY26 earnings call. As a reminder, all participant lines will be in lesson 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 touchstone phone. I now hand the conference over to Mr. Prabhal Sen. Thank you. And over to you, sir.
Probal Sen — Investor Relations
Thank you very much. Bhavya. This is Prabhal from ICICI securities. We welcome you all to the post Q1FY26 call of Petronet LNG Limited we have with us senior members from Petronet LNG’s management including Mr. Sourav Mitta, the Director, Finance and CFO Mr. Rakesh Shawla, GGM and President FNA Mr. Gyane Vikumar Sharma, GGM and Principal Marketing Mr. Vivek Mittal, CGM and VP Marketing. Mr. Devrat Satpati, General Manager, FNA and Mr. Vikash Maheshwari, Deputy General Manager, FNA. We would initially start with opening remarks by the management then on to the Q A. So without further ado I would hand it over to the management.
Over to you, sir.
Rakesh Chawla — Group General Manager & President
Yeah. Good morning and thank you Mr. Prabhal. Good morning to you all. As compared to the previous quarter Q1 FY25 26 has been a good quarter for us in terms of operational performance. So delving on the financial highlights I would say that profit before tax stood at rupees 1,136 crore compared to rupees 1446 crore in the previous quarter and rupees 1,520 crore in quarter one of the previous financial year. PAT stood at 851 crore compared to 1070 crore in the previous quarter and 1142 crore in quarter one of the previous financial year. A major highlight is that net worth crossed 20,000 crore reaching to rupees 20,233 crore as of 30th June up from 19,382 crore as on 31st March 2025.
In terms of LNG volumes, Dahish Terminal, our flagship terminal processed 207 TBTU registering a growth of 10% compared to 189 TBTU in the previous quarter. The volume processed in Q1 of the previous financial year was 248 TBTU. Overall volume processed during the quarter was 220 TB TBTU registering a growth of 7% compared to 205 TBTU in the previous quarter. The volume processed in Q1 of THE previous financial year was 262 TBTU. The throughput improved compared to previous quarter due to stable LNG prices, efficient operations and higher capacity utilization. The sequential growth demonstrates resilience in the in a volatile energy market.
We are pleased to announce that the Board of Directors has in principally approved an enhanced investment of 6355 crores for setting up a 5mmtpa land based LNG terminal at Gopalpur Port, Odisha marking our first greenfield LNG project on India’s east coast transitioning from the earlier 4 MMTPA FSRU based plan with financing through debt and equity and a targeted completion timeline of approximately three years. PLL had also issued a request for proposal for financing rupee term loan of 12,000 crores for financing the CAPEX program. We remain committed to strategic capacity expansion, rigorous cost optimization and market aligned growth.
By harnessing our operational excellence and advancing key projects, we are well positioned to sustain and strengthen our leadership in India’s LNG sector delivering long term value to all our stakeholders. Thank you. So I would now request the Q and A to start.
Questions and Answers:
operator
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star n1. If you wish to remove yourself from the question queue, you may press star and 2. Participants are requested to use handsets while asking a question. Ladies and gentlemen, in order to ensure the management is able to address questions from all participants in the conference, please limit your questions to two per participant. Should you have a follow up question, we would request you to rejoin the queue. We will wait for a moment while the question queue assembles.
The first question is from the line of Param Gora from three Nether asset managers. Please go ahead.
Param Vora
Hi, Good morning. Thank you for taking my question. So what I wanted to ask was. That how is the company managing global LNG price volatility and geopolitical risk especially. In terms of long term supply contracts. So I would request Mr. Vivek Mittal to briefly answer to this query.
Vivek Mittal
Thank you sir. Of course our contracts are linked to oil prices. So oil prices have not been very volatile. In fact they have been subdued. So they are holding in the range of 65 to $70. So we don’t see any risk or any challenge from the geopolitical side of course the spot prices have been slightly volatile but it’s still range bound. I think if you see spot prices though as compared to the alternate fuel might be on upper side. But still we would say they are not hovering somewhere which we witnessed two years back. So the LNG market is quite stable now. There are no challenges we are seeing from that side.
Param Vora
Okay. And as sales growth has been soft. Over past five years, what are the. New strategies being implemented to reignite the top line growth?
Vivek Mittal
Demand is a function of various sectors. So this quarter if you look at there was no demand from our sector and fertilizer sector compared to the Q1 of FY24. So that’s the reason we see a decline in demand in this quarter. But otherwise if you look at over previous quarters the demand has been pretty stable and robust. Overall we process 261TBTUs or sorry 220TBTUs this quarter compared to 205TBTUs in the previous quarter.
Param Vora
Okay. Okay, thank you. I’ll read back in the queue.
operator
Thank you. The next question is from the line of Maulik Patel from Aquarius. Please go ahead.
Maulik Patel
Yeah, hi, good morning and thanks for the opportunity. A couple of questions. One on that recent agreement you signed with Deepak fertilizer for 26 TBDU or approximately 1.1 million is that. Can you just tell the start date and you mentioned that also 20% additional revenue option is there. So please I mean just detailing that and within that is the pricing or the redesk tariff is similar to the. What are the. Currently the customers are paying.
Vivek Mittal
So the pricing is absolutely the same what we charge under our other long term agreements. And the volume is minimum 0.5 million tons starting somewhere between May to I think the press release was very clear. So between mid to July 2026 and there is a potential for another 20% which means depending on how much volume they get from supplier it can go up to 0.65 million tons roughly.
Maulik Patel
Got it. Got it. And we understand that the gale has been working there the even this monsoon. Historically you’ve been getting around 1 million ton kind of additional volume during the monsoon months when double didn’t work. Do any that trend continue or it was just on in June they got some volume and July they are back to the rich. Any clarity and thoughts on that side? See this may be a cyclical or maybe temporary phenomena. Otherwise Indian market, the way gas market is growing there is enough ample opportunity for every one of us. And that’s the reason we are expanding our terminal and you would have seen the recent contract which we have done with DFPCL Group company. So the Haze is a preferred terminal considering multiple factors. It has the connectivity, the storage capability and all. So my question is that will this 1 million turn this year? It will not be there. Or do you think it will be some 0.6, 0.5, 0.4 will come this year?
Vivek Mittal
Demand is growing. India demand is bound to grow and it is growing also. So we don’t see a new terminal coming up or expansion or running of Dabol around the year makes any significant difference to operations of the H terminal.
Maulik Patel
Okay, the last question, any update on that? The Qatar extension. Have you signed anything with an offtakers anywhere? What is the progress and update on that side?
Vivek Mittal
Sir, as we mentioned last time also the deal we have signed with Qatar is based on the assurance that the volume will be obtained in my Gale IOC BTC in a predetermined ratio. So that commitment still holds. The downstream agreements are being worked upon. We are trying to find what is the best and optimal solution to sell these volumes. So those discussions are ongoing. Any timeline for that? Not at this point of time.
Maulik Patel
Got it. Thank you. And we show all the good luck.
operator
Thank you. Before we take the next question, we would like to remind participants to press star and one to ask a question. The next question is from the line of S. Ramesh from Nimal Bank Equities. Please go ahead.
S. Ramesh
Yeah, so the first thought is on the slowdown we saw in the first quarter. So how is the demand from the fertilizer and power sector for this quarter? And how do you see the trending demand for FY26 given that there seems to be a slowdown in the overall gas number particularly because of the competition some alternative fuels. So.
Vivek Mittal
Deva Prath Satpati would answer this question.
Debabrata Satpathy
Yeah, Mr. Ramesh. Yeah. So your question was on the comp the competitive fuels basically how the demand scenario would be.
S. Ramesh
Yeah. And that. And how do you see the demand for this quarter last quarter was down compared to the year ago quarter. How do you see the consumption growth in this quarter compared to the year ago? 40.
Debabrata Satpathy
Yeah, so. So. So the basically the demand from the last quarter it has as you see it has started recovering. The overall throughput from our Dahe terminal has been 10% higher than the last 10% higher than the last quarter. And at a overall level the company has done done a 7% higher. The thing is that although these long term prices, as it has been told already, the long term prices that are crude linked, that are Remaining at a very very affordable level for the Indian market. That long term throughput has been also has also gone up. And there is still a difference between the long term and the spot prices.
Actually that is dragging the overall demand that as per the market scenario right now. So what we foresee is that in the current year probably that that kind of difference should linger on for a for some time. But from the next year onwards from CY 26 onwards with the availability of ample of gas in the LNG in the global market basically that issue will also be sorted out. That is what we are looking at.
S. Ramesh
Okay, so the next part is can you give us the details of the inventory and trading impact if any and the REGAS tariff.
Debabrata Satpathy
The inventory gain was 42 crores in this quarter. And trading in because of the current market pricing scenarios the trading gain was not there.
S. Ramesh
And what about the regasification contribution?
Debabrata Satpathy
It is 643 crores.
S. Ramesh
645 crores. So thank you very much and I’ll join with you.
operator
Thank you. The next question is from the line of Varatha Rajan Shivasankaran from Antique limited. Please go ahead.
Varatharajan Sivasankaran
All right. Am I audible?
Vivek Mittal
Yes.
Varatharajan Sivasankaran
Yeah. So the Kochi Tunnel utilization seems to. Come down a little bit. Any specific reason for that?
Vivek Mittal
No. It’s a common phenomena for the last few. Quite a few quarters as you have seen. And what we have been telling all these while is that Kochi we are expected expecting the utilization to go up once the pipeline connectivity is set up. And we expect that by the end of this calendar year or maybe at the most by the end of this financial year the pipeline is going to come up which is being laid by Gail. And once this connectivity is set up the utilization is going to go up.
Varatharajan Sivasankaran
And currently would you be in a position to give us who’s taking off from the terminal? Sorry, Currently can we have a share of who’s taking what from Kochi terminal? MRPL or like now bpcl. What kind of value they’re taking.
Vivek Mittal
Okay. So Major I would say Major off taker is obviously BPCL from Kochi. And to supplement my answer I would request Mr. Ganondra Sharma to carry on with this conversation at Kochi. As DL SAU informed Major is bpcl. It consumes in its refinery as well as it has its customer. And other GALE and IOCL are also providing gas supplies to fertilizer and refinery Other. We are in a position to provide any any volume details. You are in the position to share. Customer. Because they are not our direct customer. It won’t be Appropriate for us to speak on behalf of offtaker. Thank you.
Debabrata Satpathy
The only thing we can add is that this quarter FSCT took a shutdown for almost one and a half months. So this is the reason you see some decline in the volume they consume around 1,000,000 MMSE,1,MS,MD. So there was a small decline on account of that. But that is also that was the same case in the last year’s first quarter also. So the compared to last year first quarter the volumes are quite similar.
operator
Thank you. A reminder to the participants, you may press Star and one to ask a question. The next question is from the line of Sabri Azarika from MK Global. Please go ahead.
Sabri Hazarika
Yeah, so two questions. Firstly, on this Gopalpur terminal, is there a minimum of take kind of an assumption also before going ahead with it or even if it doesn’t happen, you start construction because you’ve given a three year staff timeline. So would you start work right away or probably get some off take first?
Vivek Mittal
So definitely discussions are on with the probable off takers and they are the major off takers will be our promoters only and but that we will not wait for finalization of the offtake agreements because that will delay our project. So simultaneously we will start construction of the terminal and at the same time have parallel discussions with our off takers.
Sabri Hazarika
Okay, fair enough. And second question is on this Gorgon Phase 2 volume. So when is it starting and how much should be the volumes towards this.
Vivek Mittal
Is likely to start towards end of this financial year and 1.2 mm TPA is the contract and initially it will be 0.5 m TPA.
Sabri Hazarika
That will be for how long?
Vivek Mittal
15 years.
Sabri Hazarika
No, point five will be for how long?
Vivek Mittal
For two years.
Sabri Hazarika
Then it will ramp up to 1.2.
Vivek Mittal
That’s right.
Sabri Hazarika
Okay, thank you so much. All the best.
operator
Thank you. Participants, to ask a question you may press star N1. The next question is from the line of Tanay Koteja from Nuama. Please go ahead.
Tanay Kotecha
Hey. Hi sir. I just wanted to get like a refresher regarding your accounting policy for the provisioning part on the UOP dues.
Vivek Mittal
So Shivanaji if you can please.
Debabrata Satpathy
As you know this user pay dues are part of the contractual obligation by the off takers. So this is being recognized. However, as a prudent accounting practice provision is being done. So what we are doing is first year of when the amount is not paid we are making 20 provision and next year 30 making it cumulatively 50. And then the third year is the where the this Flexibility period is over. We are making the balance provision of 50%. So making it cumulatively 100% in three years. This is as per the practice, as a prudent accounting practice.
We are following and as you know, calendar year 21 user pay amount was received by us in last year. So ultimately this provision is only accounting practice company is already confident that this is contractual use and we are likely to get full money or that in during this flexibility period. If somebody wants to bring volume, they are paying.
Tanay Kotecha
All right, thanks.
Vivek Mittal
That we have already received the full money or the volume, whatever that was. 360 crore and odd rupees was paid by the opticals.
Tanay Kotecha
Okay. All right. Thank you.
operator
Thank you. The next question is from the line of S. Ramesh from Nehru Mang Equities. Please go ahead.
S. Ramesh
Yeah, thank you for the follow up. So when you discuss these additional volumes discussed with Gorgo, the initial phase one was about 2.5 going to 2.6 million if I understand correctly. And that has to be taken in Kochi. So if you take this 1.2 million phase two overall you got an aggregate gas supply range 3.5, 3.7. Is that understanding correct?
Vivek Mittal
No, no, no. I don’t think your understanding is correct. It is very clear. The contract is for 1.2 million. You. Know, per annum, metric ton per annum. And it’s going to commence from 2026. It will go on till 2036. And the existing contract is for 1.42 million. Yeah, that’s what I mean. So that means. Yes, 2.6. So that means the Kochi has a potential to process 2.6 million once the pipeline is connected, right? It. It is. The potential is much more. It’s a 5 million metric ton per annum terminal.
S. Ramesh
I understand that. But in terms of the gas supply sourcing arrangement, you can go up to 2.6 and for the rest you have to.
Vivek Mittal
So far as long term contracts are concerned, it’s, you know, you are correct. It’s about 2.63.
Debabrata Satpathy
Yeah. So on this accounting which you explained, so whatever provision you’re making right now, it will be actually treated as cash output in terms of cash flow. And then when it is reversed it will come back as cash inflow. Or is it just a non cash entry? How do we see the cash flow impact for these provisions? See the provision, accounting provision is a non cash flow entry because already we have recognized the income in your books. So this is not, this is only a provision. Only. This is not a cash outflow type of thing.
S. Ramesh
Okay. Okay, fair enough. Thanks a lot. I appreciate it.
operator
Thank you. The next question is from the line of Kirtan Mehta from Baroda BMP Parivas Mutual fund. Please go ahead.
Kirtan Mehta
Thank you. Sir, for this opportunity, could you update us on the status of expansion at Dahij from 17.5 mmtpa to 22.5 mmtpa. Also highlight the tank that we have commissioned. How was it utilized during the quarter and what was its contribution to the margin? And in terms of the jetty, where are we at this point of time?
Vivek Mittal
Okay, so I’ll start in a reverse manner. The jetty construction is going on as per the schedule and so far as the REGAS expansion capacity is concerned, there was some slippages because of the monsoon and as well as the war like situation which had emerged. And because of that there was enhanced security concerns from both the government side as well as from our side. So it has slightly impacted the construction work but we don’t see much of a delay. So by end of this calendar year we should be able to complete the construction and start the commissioning exercise.
And by Q1 of next calendar year we should have a stable enhanced capacity terminal working.
Kirtan Mehta
Right. What is the target timeline for the hijackee at this point of time?
Vivek Mittal
The third JT you are talking of?
Kirtan Mehta
Yes, 2027. And it as you know it will be capable of handling LNG and propane to 2027.
Vivek Mittal
Right. And how was the completion of tank utilized during the quarter? What was it? Contribution to profitability. You were expecting some trading volume out of that? The tank is only a support system to the regasification facility. So once the regasification facility comes on stream, then only we can say that how much additionally we have been able to utilize. But tanks have overall added to the flexibility which we provide to our capacity holders or the volumes we bring in.
Kirtan Mehta
Sure. Sir, could you also highlight the developments on the PDSPP project implementation?
Vivek Mittal
Yes, again I would like to state that the work is going on full stream and it is on track. So we expect this plant to come up as per schedule.
Kirtan Mehta
Any more granularity in terms of. Would you be able to share in terms of the particular milestones that we have achieved during the quarter and what are the target milestones for the Q2?
Vivek Mittal
Okay, so we have actually placed almost out of the 11 LLIs and 13 packages, we have almost floated tenders of all the packages and LLIs except a few where we feel that time is not yet ripe enough. And we have also awarded a few critical long lead item orders. So that’s where as of now we stand today.
Kirtan Mehta
Sure sir. Thank you.
operator
Thank you. A reminder to the participants, you may press star and one to ask a question. The next question is from the line of Soumya from Evan Despa. Please go ahead.
Unidentified Participant
Yeah, thanks for the opportunity, sir. Hope I’m audible. Yes, thank you. I missed the initial part of the call. Sorry. In case the question is repeated sir, the CAPEX outlook for the next couple of years. Sorry to interrupt.
operator
Sorry to interrupt. Sir, your audio quality is not clear.
Unidentified Participant
Yes, I hope it’s better now.
operator
Yes.
Unidentified Participant
So I just want to understand the CAPEX output for the next couple of years. And also what is the amount that you have spent on Pet Chem so far and how we plan to pace the petchem spend over the next two, three years. That’s the first question.
Vivek Mittal
Okay. If you talk about this quarter the petchem spent is around 500 crore and up till date and going forward we have lined up a capex program of around 30,000 crore. And out of which the major share or the lion share is allocated to the Pet Chem plant only. And that is what I think I can share as of now.
Unidentified Participant
The plans for current year and next year sir, in terms of what will be the capex.
Vivek Mittal
So this year we have you know targeted a capex of around 5000 crore. It will be for the third jte for pet chem and also some of the other projects that we have taken up. Like we have got the in principle approval of Gopalpur terminal. So there will be spending around. We plan to spend around 300 crores on that. And then we have a corporate office building in Navaroji Nagar coming up. So we plan to spend about 100 crore there. Then CBG plants. We have been mandated by the ministry to put up around 25 CBG plants.
So we have plans to spend around 100 crores odd crores there. And there are other small items like small scale LNG and LNG bunkering facility at Kochi. So these are the major items which I can spell out right now.
Unidentified Participant
Understood sir. So we should expect a similar run rate next year also in FY27 also 5000 crores.
Vivek Mittal
It’s going to be even higher. It’s going to be even higher. And that’s precisely the reason we have floated this RFP for rupee term loan of 12,000 crores.
Unidentified Participant
You mentioned this quarter we have spent 500 crores on Petcom. So cumulatively so far what would be the spend on bitcoin?
Vivek Mittal
That’s what I’m Telling till the end of this quarter the cumulative spend is around 500 crore.
Unidentified Participant
Got it. Sir, the second question on the Gopalpur terminal which is earlier thought of an SSRU now to a land based and also 4mmt to 5mmt. If you could just help us the broad thought process what led to change here that is one. And second also if you could help us understand the pipeline connectivity in and around plant facility. So do we have already pipelines in place for offtake or we are waiting for some more connectivity there.
Vivek Mittal
Okay, so Gopalpur. First I would like to say that Gopalpur is away from the. From a major trunk pipeline by about 35 odd kilometers. And once we put up this pipeline and connect it to the trunk pipeline our offtake will not be an issue. And secondly the shifting of plan from FSRU to land based terminal makes sense. Because we have observed that the cost of a floating vessel based terminal has gone up by huge amount. And the savings in OPEX that we will make if we go for a land based terminal it makes sense definitely for us to and take a decision in favor of shifting from an SSRU to a land based terminal.
Unidentified Participant
Got it sir. So you mentioned the 35km you can get connected to that mainframe pipeline. So that one pipeline which are the areas that it is getting connected to. I just want to understand this will be the potential set of customers, larger customers like refineries or steel plants.
Vivek Mittal
Actually see Gale has already one pipeline from Sirikulum to Angul. Siriculam. Yeah. Pipeline is already there. So from Gopalpur if we set up this pipeline and connected to this main trunk pipeline of Gale we will have access to north whereby we’ll be connected to the national gas grid. And we can reach up to the northeast in Bihar, West Bengal, Jharkhand. Entire area will come under our hinterland. And down south also the pipeline can cater to. If it is further extended up to Vizag it will cater to the refinery and then some of the big steel plants of an aluminum plant of Hindalco.
It’s already there. So they could be the major consumption centers for this for our terminal.
Unidentified Participant
What would be the break even utilization for this 550 facilities?
Vivek Mittal
Okay, so it’s going to be. If you see in except the hedge, none of our terminals in India are operating at more than 50% right now. But yes, going forward we foresee a growth of around 6% to 7% in the gas consumption. So maybe once this comes up after three years, three and a half years because we have you know we have projected this three years timeline from the date of getting our EC and we are expecting this ECE in a couple of months time. So once this comes up maybe from 20 cy, 28, 29, we’ll start with a capacity of 20% utilization and then slowly we’ll ramp it up to around 80 to 90%.
Unidentified Participant
One last question. The trading gains and inventory impact in the current quarter.
Vivek Mittal
Inventory gains was 42 crores and there was no trading gain.
operator
Thank you participants to ask a question you may press star and one.
Probal Sen
Yeah. While the queue assembles. This is Prabhal here Sir, I can listen for a couple of questions. One was on the broader LNG market that we see at this point of time. What kind of. You know we been hearing about the kind of capacities that are coming up globally in terms of liquefaction and obviously Indian players have also tied up a lot of capacities for offtake. So how do you see the market evolving for Indian customers? What kind of mix do you see between long term and short term and what kind of scenario?
Vivek Mittal
Thank you. I think you have asked a very valid question. If you see in the next three to four years around 180mm TPA capacity is going to be online and LNG supply side and the major markets targeted, India will be one of them because we know Europe and Japan are quite saturated. India, China are going to take this major capacity. Considering that the lot of supplies coming in the prices are expected to be more comfortable or more affordable. Meaning by the demands will catch up. So India’s the projection max by 2028-30 the LNG consumption is expected to be more than double.
Okay. And that took crafts. India need to keep up pace with the infrastructure. It should not so happen that prices are affordable and India is lacking the import infrastructure. And that’s the reason one of the key PLL is coming up with Gopalpur and at the right time around 28 the terminal will be available online. So it is like. And as you know multiple pipelines are coming. Nagpur to Jarsugara, Angul, Srikakulam, JSBDPL is already there. Northeast grid is getting completed. So the major demand center, the maximum growth center I would say will be that part of eastern coast of India and PLL will be ready to take care of that supply.
Probal Sen
Right? Sir Moderator, can we take one last question?
operator
All right, thank you. The next question is from the line of Mayank from Morgan Stanley. Please go ahead.
Mayank Maheshwari
Yeah, thank you for the call sir. I didn’t join the entire call. I think there Was some logistical issues. I just had a question around the terminal that you were just talking about. If you think about it from a perspective of single nation, single grid that the NGRP has been talking about how do you see this terminal kind of playing out for you? Could it be the next Dahej for you or could it be even bigger is the way. How should we think about that?
Vivek Mittal
You have rightly answered it will be next Dahe. As I told in just couple of minutes back the kind of pipeline network coming up there it will be just parallel to what Dahez has presently five pipeline we have here and similar kind of an activity Gopalpur is expected to have. And the kind of demand if we see till now the western part of country was like growing gas consumption and as we know Gujarat more than the global average 24, 25%. It is now time for eastern part of the country number one. Number two if you see the demand to be catered towards from central part of India to the eastern part of India need to have a proper distribution of Regas terminal so that the pipeline hydraulics is maintained.
Also for the energy security point of view of the country it is very important to have diversified portfolio of terminals. So I hope this is likely to be next Dahij.
Mayank Maheshwari
So just to follow up on that if I may because Dahij has a very big advantage of being the first mover and lower expert unit. Do you see that advantage still remaining with Gopalpur or do you think because there are certain terminals which are already on the eastern coast, do you think that will be something? There will be a bit of a competition that you have to worry about.
Vivek Mittal
We are not bothered about competition. See had it been so then we would not have taken this call on Gopalpur. And PLL has some inherent advantages in terms of our experience of handling. Gas. Terminal regas terminals for so many years. Number one and number two we can also offer you know, swapping of cargoes then to our off takers from west coast to east coast. And then Another point which Mr. Sharma has spoken about is very important. It’s that you know pipeline hydraulics. So. So far as pipeline network hydraulics is concerned it will give us an advantage to have Gopalpur terminal in place because there’s a lot of industries coming up and as well as operating nearby which is definitely going to help this terminal to fare better in the coming coming years despite despite having some other terminals nearby.
Mayank Maheshwari
Got it sir. Thank you.
operator
Thank you ladies and gentlemen. This was the last question. I now hand the conference. Over to Mr. Prabhal Sen for the closing comments. Thank you. And over to you, sir.
Probal Sen
Thank you, Babu. Thanks so much for everyone to make the time to attend the call. I would invite the management if they have any closing comments. Thank you. And we hope to meet again soon with some more encouraging results. Thank you. Thank you. Thank you very much, sir. Thank you, everyone. You can now log off from the call.
operator
Thank you. On behalf of Petronet LNG limited that concludes this conference. Thank you for joining us. And you may now disconnect your lines. Travel.