{"id":369561,"date":"2020-08-24T11:28:07","date_gmt":"2020-08-24T05:58:07","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=369561"},"modified":"2020-08-24T12:16:29","modified_gmt":"2020-08-24T06:46:29","slug":"petronet-lng-rating-buy-q1fy21-results-were-modestly-above-estimates","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/petronet-lng-rating-buy-q1fy21-results-were-modestly-above-estimates\/","title":{"rendered":"Petronet LNG rating: \u2018Buy\u2019; Q1FY21 results were modestly above estimates"},"content":{"rendered":"<p>PLNG\u2019s Q1FY21 results were modestly ahead of our estimates reflecting marginally higher-than-expected volumes amid a challenging environment. We retain our constructive stance seeking comfort from prudence on capital allocation, limited risks to volumes\/tariffs\/earnings and attractive valuations at 12X FY2022e EPS. We reiterate Buy with FV of Rs 300, expecting the company to deliver healthy 10-11% CAGR in earnings over the next 3-5 years driven by higher volumes and tariffs. <\/p>\n<p>Q1FY21 results modestly above estimates with volumes moderating <\/p>\n<p>PLNG\u2019s Ebitda declined 11% y-o-y and 10% q-o-q to Rs 9.1 bn in Q1FY21, 3% above our estimate reflecting modestly higher-than-expected volumes and a sharper-than-anticipated reduction in operating expenses. Overall volumes were 2% above our estimate, declining 13% q-o-q and 16% y-o-y to 190 tn BTUs. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLNG\u2019s Q1FY21 results were modestly ahead of our estimates reflecting marginally higher-than-expected volumes amid a challenging environment. We retain our constructive stance seeking comfort from prudence on capital allocation, limited risks to volumes\/tariffs\/earnings and attractive valuations at 12X FY2022e EPS. We reiterate Buy with FV of Rs 300, expecting the company to deliver healthy 10-11% CAGR in earnings over the next 3-5 years driven by higher volumes and tariffs. Q1FY21 results modestly above estimates with volumes moderating PLNG\u2019s Ebitda declined 11% y-o-y and 10% q-o-q to Rs 9.1 bn in Q1FY21, 3% above our estimate reflecting modestly higher-than-expected volumes and [&hellip;]<\/p>\n","protected":false},"author":40,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,195,138],"tags":[],"class_list":["post-369561","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-financial-express","category-the-financial-express"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/369561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/40"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=369561"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/369561\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=369561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=369561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=369561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}