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Petronet LNG Q2 Results Review

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BQ Prime’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 BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. 

Prabhudas Lilladher Report

Petronet LNG Ltd. reported in-line results with Ebitda and profit after tax of Rs 11.7 billion (up 10% QoQ; our estimate: Rs 11.0 billion) and Rs 7.4 billion (up 6% QoQ, our estimate Rs 7.3 billion), as higher margins compensated for lower than expected volumes.

Recent softening of spot liquefied natural gas prices to $24/metric million British thermal unit from Q1 level of $46/mmbtu augurs well, as spot volumes for H1 FY23 were muted at 3 trillion British thermal unit versus 15 tbtu in H1 FY22.

Additionally, Petronet LNG’s long term contract is best suited in uncertain global economy. We believe the company is a formidable play on India’s rising LNG imports, despite rising domestic gas production backed by high earnings visibility and limited competition to its well-entrenched reach in LNG business.

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