HDFC Securities' research report on Petronet LNG
Petronet LNG (PLNG) reported strong numbers in 4QFY17. EBITDA came in at Rs 6.2bn (+24% YoY), led by higher volumes (+17%). Consequently, APAT was at Rs 4.7bn (+92%), owing to higher ‘other income’ and lower tax.
Outlook
PLNG is exploring growth opportunities in Bangladesh and Sri Lanka. Keeping in mind the bitter experience in Kochi, we are confident that capital allocation will be prudent. Our TP is Rs 485/sh (16x of FY19E EPS). Maintain BUY.
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