Hold Petronet LNG: target of Rs 275: ICICI Direct

Trade

• Watchlist
• Portfolio
• Message
• Set Alert

 

 

live

• bselive
• nselive

Volume

Todays L/H

More

×

ICICI Direct's research report on Petronet LNG

Petronet LNG reported a mixed set of Q3FY21 numbers. While sales volume was below estimates, blended margins were ahead of expectations. Total volumes were flattish YoY and down 7.5% QoQ to 235 tbtu due to lower regas volumes. Revenues were down 17.8% YoY to Rs 7328.2 crore (I-direct estimate: Rs 7591 crore). EBITDA was Rs 1335.3 crore, up 20.6% YoY, down 2% QoQ (our estimate: Rs 1215.4 crore). Blended margins were at Rs 63.2/mmbtu on account of inventory gains and higher margin on spot volumes (our estimate: Rs 54.8/mmbtu). PAT increased 30.1% YoY to Rs 878.5 crore (our estimate: Rs 761.7 crore). On a QoQ basis, it dipped 5.3%.

Outlook

We value the stock at 11.5x FY23E EPS of Rs 24 to arrive at a TP of Rs 275 (earlier: Rs 275).

For all recommendations report, click here

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

Read More