PLNG's Q1FY19 result is better than our expectation. PAT for Q1FY19 was at Rs.5.87 bn up 12% qoq on account of higher volumes and better efficiency in operations. The Company reported quarterly EPS of Rs.3.91. In Q1FY19, PLNG's Dahej terminal operated higher at 111% of its name plate capacity and processed LNG quantities of 214 TBTUs, 3% qoq and 16% yoy. Similarly, Kochi terminal supplied 6 TBTUs of LNG, marginally better qoq basis, with utilization increasing to 10% in Q1FY19 from 9% in Q4FY18. We expect short-term volumes to increase in the near term led by higher off-take from...