Petronet LNG (PLNG) Q1FY19 result was operationally in-line with our forecast (adj. to Ind-AS 116 impact). Revenue declined by 6.1% YoY to Rs86 bn, EBITDA (adjusted to Ind AS 116 impact) declined marginally by 3% YoY to Rs9.1 bn whereas Adjusted PAT (adjusted to Ind AS 116 impact) grew by 4.3% YoY to Rs6.1 bn. Volumes came at 226tbtu (217tbtu at Dahej) slightly above our forecast of 217tbtu. The company stated that its Dahej expansion to 17.5mtpa from 15mtpa has completed and is now operational from Jun'19 and Kochi-Mangalore pipeline to commission by Oct'19 which would boost volume from Q3FY20. We keep FY20 and FY21 estimates unchanged and...