EBIDTA lower than estimate but PAT saved by other income Petronet LNG (PLNG) reported 4Q18 EBITDA of INR INR 8.2bn which was lower than JMFe EBIDTA of INR 8.649 bn by -5%. This was primarily due to lower gross margin of INR 46.6/TBTU against JMFe of INR 47.4/TBTU. Lower gross margin could be possibly due to lower marketing margin and / or internal consumption for shipping. Volume increased (+ 18% YoY) to 213 TBTU but missed JMFe of 217 TBTU. Thus, a combination of lower gross margins and lower volumes led to a 5% miss on EBIDTA. During the conference call, there were queries on the impact of new LNG terminals, domestic gas availability and potential...