Petronet LNG Q4 Review - Likely Large Capex Adds To Concerns: ICICI Securities

The Shahamah liquefied natural gas (LNG) tanker is berthed at Futtsu Chiba Prefecture, Japan. (Photographer: Tomohiro Ohsumi/Bloomberg).

Petronet LNG Q4 Review - Likely Large Capex Adds To Concerns: ICICI Securities

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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.

Click on the attachment to read the full report:

ICICI Securities Petronet Lng Q4FY21 Results Update.pdf


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