Motilal Oswal - Petronet Lng Limited (PETRONET) MOSL: PETRONET LNG (Buy)-Stellar performance at Dahej continues

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Motilal Oswal

Swarnendu Bhushan

EUR 120.00 For Business Accounts Only

MOSL: PETRONET LNG (Buy)-Stellar performance at Dahej continues

PETRONET LNG: Stellar performance at Dahej continues

(PLNG IN, Mkt Cap USD6b, CMP INR285, TP INR340, 19% Upside, Buy)

PLNG’s sales were in line with our estimate at INR93.6b in 2QFY20, while EBITDA of INR11.6b (+31% YoY) exceeded our estimate of INR10.2b. Total expenditure was lower on account of limited maintenance and repairs cost in the monsoon quarter. PBT was in line with our estimate at INR8.9b (+2% YoY). The company re-measured DTL of INR4.5b in accordance with the new tax rate of 25.17%, resulting in reported PAT of INR11b (v/s INR5.6b in 2QFY19 and INR5.6b in 1QFY20).

PLNG incurred an exceptional expense of INR721m in the quarter on account of one-time settlement expense of lease rental to Kochi Port Terminal (CPT) to secure against future escalation in lease rent at Kochi terminal and also to settle ongoing litigations with CPT. As a result, adj. PAT stood at INR11.9b in the quarter.
For 1HFY20, EBITDA was up 20% YoY to INR21.8b, PBT declined 3% YoY to INR17.2b (led by higher depreciation and interest cost under Ind-AS 116), while adj. PAT was up 52% YoY to INR17.5b (owing to adjustment of DTL in 2QFY20).
The company proposed an interim dividend of INR5.50/share (record date: 8th Nov’19).

31/10/2019 10 EN

Underlying

Petronet Lng Limited

Petronet LNG develops, designs, constructs, owns and operates Liquefied Natural Gas (LNG) import and regasification terminals in India. Co. operates through the natural gas business segment. Co.'s terminals include Dahej LNG terminal, Kochi LNG terminal and Solid cargo port. Co. owns and operates a LNG regasification terminal with name plate capacity of 10 MMTPA at Dahej, in the State of Gujarat. Co. also has commissioned another LNG terminal with name plate capacity of 5 MMTPA at Kochi, in the State of Kerala. Solid Cargo Port Terminal has facilities to import/export bulk products, such as coal, steel and fertilizer.

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INE347G01014 National Stock Exchange of India India

Provider

Motilal Oswal

Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

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Analysts

Swarnendu Bhushan

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MOSL: PETRONET LNG (Buy)-Stellar performance at Dahej continues

MOSL : PETRONET LNG: Volumes dip, but outlook remains intact

For PETRONET L N G, the environment deterioration entails a downgrade to Neutral

MOSL: PETRONET LNG (Buy)-Volumes in-line; Dahej to recover

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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