Fwd: Petronet LNG Q2FY12 Result Update; Steady performance; Buy; Target: Rs170

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Deepak Vaishnav

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Oct 22, 2011, 4:07:46 AM10/22/11
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Petronet LNG

Steady performance

 

BUY

 

CMP: Rs161                                        Target Price: Rs170

n     Results were above our and street estimates at bottom line, mainly due to higher volume growth of both Firm (~91tbtu) and Spot (44.08tbtu) volume during the quarter

n     Highest ever capacity utilization at 106% with volume growth of 35.7% to 135tbtu (+1.3% QoQ), We expect volume growth remains strong for next couple of quarters 

n     Revenue grew significantly by 75% to Rs.53.6bn, and PAT grew by 98.6% to Rs.2.6bn.

n     Supply constrain of natural gas from KG D6 field continue to support higher volumes of PLNG, maintain BUY with PT of Rs.170

 

Regards,

Dhaval Joshi

Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : dhaval...@emkayglobal.com 

Board No. : +91-22-66121212 | Extn. : 282 | DID : 66121282 | Mob : +919920871839 |

 

 


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Petronet LNG Q2FY12 Result Update.pdf
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