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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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