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Hold Petronet LNG; target of Rs 250: ICICI Direct

ICICI Direct recommended hold rating on Petronet LNG with a target price of Rs 250 in its research report dated June 10, 2021.

June 15, 2021 / 11:20 AM IST
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ICICI Direct's research report on Petronet LNG

Petronet LNG reported Q4FY21 results that were in line with estimates on the operating front. However, profitability was lower-than-expected on account of other income. Total volumes were flattish YoY, down 7.2% QoQ to 218 tbtu. Revenues were down 11.6% YoY to Rs 7575.3 crore (estimated: Rs 7920.2 crore). EBITDA was at Rs 1091.1 crore, up 56.4% YoY (our estimate: Rs 1107.7 crore). Blended margins were at Rs 59.3/mmbtu in line with estimates. Other income at Rs 49.2 crore was lower than expectations of Rs 97.8 crore. Subsequently, PAT increased 73.6% YoY to Rs 623.4 crore as profitability was impacted by inventory loss and certain one-offs in the base quarter (I-direct estimate: Rs 685.1 crore).


We maintain our HOLD recommendation on the stock. We value Petronet LNG at 11.5x FY23E EPS of Rs 21.7 to arrive at a target price of Rs 250 (earlier Rs 275).

For all recommendations report, click here

Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on are their own, and not that of the website or its management. advises users to check with certified experts before taking any investment decisions.

Broker Research
first published: Jun 15, 2021 11:20 am

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