PETRONET LNG: Lower spot LNG prices, summer demand boost volumes
(PLNG IN, Mkt Cap USD5.1b, CMP INR239, TP INR305, 27% Upside, Buy)
PLNG reported 1QFY20 results based on Ind-AS 116. Reported EBIDTA came in 17% higher than our estimate at INR10.2b (+10% YoY), led by lower other expenditure under the new accounting standards. Depreciation stood at INR1.9b (+86% YoY) and interest cost at INR1.0b (~3-4x). Reported PBT of INR8.4b was in line with our estimate. Adjusting for Ind-AS loss of INR516m, PBT was 3% above our estimate at INR8.9b. PAT was in line with our estimate at INR5.6b (-5% YoY, +27% QoQ).
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.
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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