Petronet LNG Q4 Review - Operational Fundamentals Remain Unchanged; Capex High On Aspirations: Motilal Oswal
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Petronet LNG Ltd.'s numbers were largely in line with our estimate, with volumes (at 218 trillion British thermal unit) and utilisation rates (Dahej/Kochi at 92%/22%) flat YoY in Q4 FY21.
The second Covid-19 wave and higher spot liquefied natural gas prices have proved to be a double whammy for the company, with spot cargoes being deferred due to lower consumption.
Dahej/Kochi is operating at a utilisation rate of ~88%/~22% in Q1 FY22 till date.
The management expects Kochi utilization rate to ramp up by ~30% by the end of FY22 (earlier guidance of ~40%), while Dahej would continue to operate at over 95% owing to tied up contracts (16.5 million metric tonne per annum of 17.5mmtpa).
Click on the attachment to read the full report:
This 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 author entity 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.