Prabhudas Lilladher's research report on Petronet LNG
PLNG reported an EBITDA of Rs15.1bn (+21% QoQ, +37% YoY, PLe: Rs10.8bn, BBGe: Rs11.8bn), while PAT came in at Rs10.7bn (+23% QoQ, +45% YoY, PLe: Rs7.3bn, BBGe: Rs8.2bn). Ther has been a reversal of Rs2.3bn included in the EBITDA for the quarter. Total volume declined 12% YoY and 10% QoQ to 205TBtu mainly due to shutdown of few fertilizer plants and lower offtake due to liquid fuels being cheaper compared to gas. For the full year, total volume stood at 934TBtu vs 919TBtu in FY24. EBITDA stood at Rs55bn, +6% YoY and PAT stood at Rs39.3bn, +11% YoY.
Outlook
Due to 1) concerns on utilization amidst rising competition and 2) increased capex on petrochemical project, we reiterate our ‘Reduce’ recommendation with TP of Rs292 based on 10x FY27 EPS.
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