Strong LNG Volume; Lower Spot LNG Prices to Drive Growth PLNG (Petronet LNG) reported EBITDA of Rs11.6bn, grew by 31% YoY and 13% QoQ (17% above our estimates and 11% consensus) in 2QFY20. EBITDA growth is aided by stellar operating volume, 5% rise in regasification tariffs and adoption of Ind AS 116 with Lease Liability'. PBT grew by just 2% YoY and 6% QoQ mainly due to fall in other income and higher in interest cost. Notably, reported net profit is higher than pre-tax profit due to adoption of lower tax rate for 1HFY20 and reversal of deferred tax liability of Rs3.8bn. PAT grew by 96% YoY and 97% QoQ to Rs11bn, exceeding ours and consensus estimates by 75% and 69%, respectively. Despite...