30 October 2019 PLNGs sales were in line with our estimate at INR93.6b in 2QFY20, while EBITDA of INR11.6b (+31% YoY) exceeded our estimate of INR10.2b. Total expenditure was lower on account of limited maintenance and repairs cost in the monsoon quarter. PBT was in line with our estimate at INR8.9b (+2% YoY). The company re-measured DTL of INR4.5b in accordance with the new tax rate of 25.17%, resulting in reported PAT of INR11b (v/s INR5.6b in 2QFY19 and INR5.6b in 1QFY20). PLNG incurred an exceptional expense of INR721m in the quarter on account of one-time settlement expense of lease rental to Kochi Port Terminal (CPT) to secure against future escalation in lease rent at Kochi terminal and also to settle ongoing litigations with CPT.