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Petronet LNG – A good defensive bet

PLNG is a low risk defensive play positioned to benefit from multiple growth triggers in medium to long term. In the current volatility it can be a good add to the portfolio.

July 03, 2020 / 04:15 PM IST
Petronet LNG – A good defensive bet

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Petronet LNG (PLNG) (CMP: Rs 260 ; Mcap: Rs 38,595 crore) reported a subdued performance in Q4 mainly due to lower utilization at the Dahej terminal amid lower offtake and cancellation of cargoes. The company has a healthy net debt free balance sheet. Its Return on Capital Employed (ROCE) of 25 percent is attractive. While the utilization has been impacted in Q4FY20 and Q1FY21, we expect the performance to improve. There are multiple growth triggers for the company such as increased demand...

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