{"id":385719,"date":"2020-11-23T12:45:39","date_gmt":"2020-11-23T07:15:39","guid":{"rendered":"https:\/\/infralive.com\/web\/?p=385719"},"modified":"2020-11-23T12:45:39","modified_gmt":"2020-11-23T07:15:39","slug":"petronet-lng-rating-buy-a-robust-showing-by-the-company","status":"publish","type":"post","link":"https:\/\/infralive.com\/web\/petronet-lng-rating-buy-a-robust-showing-by-the-company\/","title":{"rendered":"Petronet LNG Rating: Buy- A robust showing by the company"},"content":{"rendered":"<p>PLNG delivered a strong performance in Q2FY21 driven by a quick rebound in volumes and higher blended gross margins partly due to adventitious gains; higher dividend payout was comforting. The mgmt assuaged concerns on its non-binding MoU with Tellurian, while indicating that availability of several low-priced long-term LNG contracts now obviates the need for equity investment to lock in volumes. We reiterate Buy with FV of Rs 300.<\/p>\n<p>Higher-than-anticipated recovery in volumes and higher blended margins<br \/>\nEbitda increased 17% y-o-y and 50% q-o-q to Rs 13.6 bn in Q2FY21, 18% above our estimate, reflecting (i) 2% y-o-y and 34% q-o-q increase in volumes to 254 tn BTUs; and (ii) a sharp jump in blended gross margins, which included Rs 700 mn of adventitious gains and higher trading margins led by recovery in spot LNG prices. Adjusted net income increased 18% y-o-y and 78% q-o-q to Rs 9.3 bn (EPS of Rs 6.2), 30% above our estimate, further boosted by a sharp jump in other income.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PLNG delivered a strong performance in Q2FY21 driven by a quick rebound in volumes and higher blended gross margins partly due to adventitious gains; higher dividend payout was comforting. The mgmt assuaged concerns on its non-binding MoU with Tellurian, while indicating that availability of several low-priced long-term LNG contracts now obviates the need for equity investment to lock in volumes. We reiterate Buy with FV of Rs 300. Higher-than-anticipated recovery in volumes and higher blended margins Ebitda increased 17% y-o-y and 50% q-o-q to Rs 13.6 bn in Q2FY21, 18% above our estimate, reflecting (i) 2% y-o-y and 34% q-o-q [&hellip;]<\/p>\n","protected":false},"author":39,"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-385719","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\/385719","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\/39"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=385719"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/385719\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=385719"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=385719"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=385719"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}