ICICI Direct's research report on Petronet LNG
Petronet LNG reported a mixed set of Q3FY21 numbers. While sales volume was below estimates, blended margins were ahead of expectations. Total volumes were flattish YoY and down 7.5% QoQ to 235 tbtu due to lower regas volumes. Revenues were down 17.8% YoY to Rs 7328.2 crore (I-direct estimate: Rs 7591 crore). EBITDA was Rs 1335.3 crore, up 20.6% YoY, down 2% QoQ (our estimate: Rs 1215.4 crore). Blended margins were at Rs 63.2/mmbtu on account of inventory gains and higher margin on spot volumes (our estimate: Rs 54.8/mmbtu). PAT increased 30.1% YoY to Rs 878.5 crore (our estimate: Rs 761.7 crore). On a QoQ basis, it dipped 5.3%.
Outlook
We value the stock at 11.5x FY23E EPS of Rs 24 to arrive at a TP of Rs 275 (earlier: Rs 275).
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