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ICICI Securities Report
Petronet LNG Ltd.’s Q1 FY21 standalone and consolidated earning per share was down just 7% and 11% YoY respectively, hit by decline in Dahej terminal volumes on demand downturn from lockdown.
Despite 55-60% utilisation in Dahej in April 2020, Petronet LNG managed 83% utilisation in Q1 suggesting a quick recovery through the rest of Q1.
In Q4 FY20 earnings call, the management had guided utilisation at 100% in FY21, implying utilisation of 106% in the rest of the fiscal. We keep our FY21E earning per share and target price unchanged.
Further cut in Kochi terminal regas charge is a near term risk as indicated by the management in Q4 FY20 earnings call.
Fall in Dahej volumes due to rise in liquefied natural gas import capacity in Gujarat and domestic gas output are medium-term concerns. Clarity is also awaited on possible investment in Tellurian.
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