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Entry Price

242.00

Target

275.00

Recommend Date

14-02-2021

Return

13.64 %
BUY

Date : 14-02-2021

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 | 7328.2 crore (I-direct estimate: | 7591 crore). EBITDA was | 1335.3 crore, up 20.6% YoY, down 2% QoQ (our estimate: | 1215.4 crore). Blended margins were at | 63.2/mmbtu on account of inventory gains and higher margin on spot volumes (our estimate: | 54.8/mmbtu). PAT increased 30.1% YoY to | 878.5 crore (our estimate: | 761.7 crore). On a QoQ basis, it dipped 5.3%.