News: Petronet LNG's revenue increased 65.9% YoY to Rs 14263.8 crore. Total volume was at 208 tbtu, flattish YoY, up 9.5% QoQ. Blended margin was at Rs 65.5/mmbtu. Subsequently, EBITDA was at Rs 1064.4 crore, up 1% YoY leading to PAT of Rs 700.9 crore, up 10.3% YoY.
View: Results were ahead of estimates on the profitability front as blended margin was better than expectations. Regas volume at 94 tbtu was higher than our estimate of 88 tbtu while sales volume was 114 tbtu against expectation of 117.2 tbtu. In the current quarter (Q2FY23E-TD), spot LNG prices are trading at elevated level. Global LNG prices and any subsequent impact on volume demand will be key monitorables in the near term.
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