- 10 Nov 2022
- ICICIdirect Research
Petronet LNG reports numbers better than estimatesPETRONET - 229 Change: -3.15 (-1.36 %)
Petronet LNG revenue increased 47.8% YoY and 12.1% QoQ to Rs 15985.7 crore. Total volume stood at 192 tbtu, down 20% YoY (down 7.7% QoQ) Blended margin stood at Rs 74.4/mmbtu. Subsequently, EBITDA was at Rs 1173 crore, down 9.6% YoY (up 10.2% QoQ) leading to PAT of Rs 744.2 crore, down 9.6% YoY (up 6.2% QoQ). The company announced an interim dividend of Rs 7/share, the record and payment date for the same shall be intimated in due course of time.
Results were ahead of estimates on all fronts, however volumes were below estimates. Regas volume at 77 tbtu was lower than our estimate of 85 tbtu while sales volume was 115 tbtu against expectation of 118.2 tbtu. In the current quarter (Q3FY23E-TD), spot LNG prices are trading at elevated level. Global LNG prices and any subsequent impact on volume demand will be key monitorable in the near term.