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Prabhudas Lilladher Report
Petronet LNG Ltd. reported lower than expected results with Ebitda/profit after tax of Rs 10.5 billion (down 3% QoQ; our estimate: Rs 12.3 billion) and Rs 6.4 billion (up 2% QoQ our estimate: Rs 7.8 billion), due to lower regas volumes.
Petronet LNG is a play on India's rising liquefied natural gas imports and we like the company's business model, given high earnings visibility and see limited competition to its well-entrenched reach in LNG business.
Management plans to gradually ramp up LNG stations and compressed biogas plants depending on project internal rate of returns.
This removes an overhang on the company's capital allocation.
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