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Dolat Capital Report
Petronet LNG Ltd. posted a gross profit of Rs 12.4 billion (-20% YoY, -36% QoQ). Sharp decline on higher spot LNG price which led to only 77% (versus 80% in Q4) utilisation of Dahej and lower trading margins /inventory gains compared to last year.
Total re-gas volume of 185 trillion British thermal units (-3% YoY but +11% QoQ). Dahej utilisation declined to 77% versus 80% in Q4 FY22 mainly due to fall in tolling volume. Kochi utilisation improved to 21% versus 19% in Q4 FY22.
Ebitda of Rs 9.4 billion (-30% YoY, -44% QoQ) was 12% below consensus estimates due to higher other expenses (Rs 560 million provision towards arbitration).
Net profit of Rs 6.1 billion (-18% YoY and -48% QoQ), 14% below consensus estimates. Declared final dividend of Rs 3. (Total dividend of Rs 10, implies 4.1% yield).
In the long term, Petronet LNG will be the biggest beneficiary of rising LNG export capacity from 2024 and an additional 0.6 million metric tonnes per annum contracted volume from 2026.
We expect, Petronet LNG to clock earnings per share compound annual growth rate of 10% over FY23-FY25E.
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