HDFC Securities' research report on Petronet LNG
Petronet LNG (PLNG) reported strong numbers in 3QFY17, with EBITDA at Rs 6.1bn (+114% YoY) led by higher volumes (+34%), higher regas margins and lower opex. Consequently, APAT was at Rs 3.9bn (+132%). sequential decline is owing to lower margins on spot LNG, as prices were high.
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 435/sh (15x 12 months rolling fwd EPS). Maintain BUY.
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