Petronet LNG Q4 Review - Operational Fundamentals Remain Unchanged; Capex High On Aspirations: Motilal Oswal
A ship travels past the Kochi LNG Terminal, operated by Petronet LNG Ltd., at Cochin port in Cochin, India. (Photographer: Dhiraj Singh/Bloomberg)

Petronet LNG Q4 Review - Operational Fundamentals Remain Unchanged; Capex High On Aspirations: Motilal Oswal

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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:

Motilal Oswal Petronet LNG Q4FY21 Result Update.pdf

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