Girish Pai

Nirmal Bang

Equity Bottom-Up

<p>3QFY21  Result Update</p>
<h2>Petronet LNG</h2>
<h3>Beat on gross margin aids PAT beat</h3>
<p>We retain Buy with our DCF-based target price (TP) of Rs336 on (i) attractive risk-reward at 11.0x PE/2.3x P/BV on FY23E - RoE of 21.7% (ii) prospects of ramp-up in Kochi in 4QFY21 and FY22 based on the recently started Kochi-Mangalore pipeline (iii) management’s plan to build B-2-B LNG business and Bio CNG as auto fuel in partnership with CGD entities/OMCs, although details on pricing/margins and investments are under…</p>

<p>2QFY21  Result Update</p>
<h2>Petronet LNG</h2>
<h3>Beat is no reason to rejoice</h3>
<p>We retain BUY with our DCF-based target price (TP) of Rs325 on (i) attractive risk-reward at 12.68x PE on Sept22E (ii) prospects of ramp-up in Kochi from 2HFY21 based on likely completion of the Kochi-Mangalore pipeline by early Dec’20 as per GAIL/PLNG guidance (iii) The management is building the B-B LNG business as auto fuel in partnership with CGD entities/OMCs, although details on pricing/margins and investments are under…</p>

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<p>1QFY21 Result Update</p>
<h2>Petronet LNG</h2>
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<p>Focus on Kochi ramp up and “big leap” LNG retailing</p>
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<p>We retain BUY with our DCF-based target price (TP) of Rs316 (up a tad) on (i) attractive risk-reward at 12.2x PE on FY22E (ii) prospects for ramp-up in Kochi from 2HFY21 based on likely completion of the Kochi-Mangalore pipeline by end-August as per PLNG guidance (iii) The management’s “big leap” in B-B LNG business as auto fuel in partnership with CGD entities/OMCs, pending details on…</p>
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<p>4QFY20 Result Update</p>
<h2>Petronet LNG</h2>
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<h3>Kochi prospects offset miss on reported PAT</h3>
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<p>Petronet LNG’s 4QFY20 PAT at Rs3.73bn was a 28.9% miss vs. NBIE estimate, which includes forex loss of Rs1.78bn booked in other expenses. Revenue is up 11.2% while gross margin is up 4% vs. NBIE estimates. We are cutting FY21E by 12.8% and retain BUY with our trimmed DCF-based target price (TP) of Rs312 on (i) attractive risk-reward at 11.75x PE on FY22E (ii) prospects for ramp-up in Kochi from 2HFY21…</p>
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India

Petronet LNG Ltd. was formed by the Government of India to import liquefied natural gas (LNG) into the country. The Company is a joint venture between GAIL, ONGC, IOC and BPCL. Petronet LNG has also selected GAZ de France as a strategic partner. The Company has set up LNG receiving ports in Dahej (Gujarat) and Kochi (Kerala).

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