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HDFC Securities Report
Petronet LNG Ltd.'s Q1 Ebitda was 44% above estimates, led by an 18% beat on total volumes.
Call takeaways:
1. Utilisation at Dahej and Kochi terminals has bounced back to 100-103% and 17-18% in Q2.
2. Capex plans of Rs 3.5 billion for FY21. Of this, Rs 0.5-1 billion should be paid for capacity augmentation at Dahej via the addition of two tanks.
3. The company is in talks with city gas distribution companies and oil marketing companies for liquefied natural gas dispensing stations, however, permissions take time.
Petronet LNG has planned to set up 50/300/1,000 stations in three phases; original timeline for phase one, FY21.
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