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ICICI Securities Report
Petronet LNG Ltd.’s Q4 and FY21 consolidated earnings per share was up 71-27% YoY, driven by jump in Dahej regasification charge.
Dahej utilisation was the lowest in three quarters at 93% in Q4 (97% in FY21) hit by spot liquefied natural gas surge in January 2021.
We have cut FY22E Dahej and Kochi utilisation to factor the impact from Covid-19, high spot LNG price and rise in domestic gas output.
We are assuming flat Kochi regasification charge in FY22E; off-takers want it to be cut by 35% to same level as Dahej.
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