ICICI Securities: Petronet LNG Q1 Review - Modest Impact Of Lockdown On Quick Recovery

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..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..Click on the attachment to read the full report:.DISCLAIMERThis report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

ICICI Securities: Petronet LNG Q1 Review - Modest Impact Of Lockdown On Quick Recovery

ICICI Securities: Petronet LNG Q1 Review - Modest Impact Of Lockdown On Quick Recovery

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