Blended margin higher than expected at Rs.64.7/mmbtuPETRONET - 204 Change: 0.95 (0.47 %)
News: Revenue increased 73.4% YoY to Rs.10813.1 crore. While total volumes were down 5.5% YoY (and up 14.8% QoQ) to 240 tbtu, blended margins was at Rs.64.7/mmbtu. Subsequently, EBITDA at Rs.1296.9 crore, down 4.9% YoY and up 23% QoQ. Reported PAT was at Rs.823 crore, down 11.2% YoY and up 29.5% QoQ.
Views: etronet LNG's results were ahead of estimates as volume as well as blended margins was better than expectations. Blended margin was higher due to higher-than-expected margin on spot volume as per our understanding. We seek management commentary on outlook ahead as sustained growth in both contracted LNG sales as well as regas volumes and stability in blended margins is important, going forward