Petronet LNG - Q4FY13 Result Review - Angel Broking

Petronet LNG reported 4QFY2013 numbers. The company's net sales grew by 32.8% yoy to Rs. 8,466 due to higher prices of LNG during the quarter. The volumes for the company were flat yoy at 122TBTU mainly because of lower tolling volumes from GAIL and GSPC. The cost of LNG regasified increased by 34.7% yoy to Rs. 7,999cr and hence the EBITDA increased by only 2.7% yoy to Rs. 434cr whereas the EBITDA margin declined by 150bp yoy to 5.1% in 4QFY2013 due to higher proportion of contractual volumes. The other income decreased by 8.4% yoy to Rs. 20cr, while the tax rate increased to 36.0% in 4QFY2013, compared to 32.9% in 4QFY2012. Hence, the net profit was flat at Rs. 245cr.

We maintain our Buy rating on the stock with a target price of Rs. 174.

Source : Equity Bulls

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