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Prabhudas Lilladher Report
Petronet LNG Ltd. reported better than expected results with Ebitda/profit after tax of Rs 12.9 billion (up 23% QoQ; our estimate Rs 11.8 billion) and Rs 8.2 billion (up 29% QoQ, our estimate: Rs 7.3 billion), due to higher regas volumes and margins.
Management's plans on gradually ramping up liquefied natural gas stations, removes an overhang on capital allocation.
Petronet LNG is a play on India's rising LNG imports, despite rising domestic gas production. We like the business model given:
high earnings visibility and
limited competition to its well-entrenched reach in LNG business.
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