Petronet LNG's total volumes were above our estimates, mainly on account of contracted long term LNG sales and Dahej spot sales. Total sales volumes came in at 219 tbtu vs. 205.1 tbtu in Q4FY19 (up 6.8% YoY) and 233 tbtu in Q3FY20 (down 6% QoQ). Regasification volumes were in line with our estimates at 105 tbtu. Capacity utilisation at the Dahej terminal was at ~85% while capacity utilisation for Kochi terminal was at ~20%. In April, during the lockdown period, Dahej utilisation was lower at 50-55%. It picked up in May and is currently at ~100%. Subsequently, we estimate 881.9 tbtu and...