(Rating: BUY, TP: Rs330, Upside: 45%)
- The 4QFY21 earnings for PLNG stood below our and street estimates, the miss on our estimates stemmed primarily from lower than estimated LNG throughput and higher operating expense
- The PAT stood at Rs 6.2bn (+73.6% YoY; -28% QoQ) and the operating profit (EBITDA) stood at Rs 10.9bn (+56% YoY; -18% QoQ)
- The FY21 Ebitda at Rs 47bn stood 18% higher YoY, even as LNG throughput stood 3% YoY lower, on higher Re-gas tariff (5% escalation at Dahej terminal) and YoY lower operating expenses
- The total throughput at 218mmbtu stood 0.5% YoY & 7.2% QoQ lower, below our estimates. The decline primarily stemmed from lower utilization of 91% (3Q: 100%) at Dahej terminal
- PLNG incurred a capex for Rs 5.3bn for FY21, the same is expected to be in excess of Rs 10bn for FY22, as PLNG embarks on a significant (Rs 183bn) capex program spread over next five-six years
- Maintain BUY with a TP of Rs 330/sh.
Shares of PETRONET LNG LTD. was last trading in BSE at Rs.232.25 as compared to the previous close of Rs. 228.55. The total number of shares traded during the day was 954679 in over 11036 trades.
The stock hit an intraday high of Rs. 233.4 and intraday low of 227. The net turnover during the day was Rs. 220786893.