Petronet LNG (PLNG) Q4FY20 result was a miss at EBTDA level due to higher other expenses. The company's revenue increased 2% YoY to Rs85.7 bn on the back of higher volume. Total volume increased 7% YoY (-6% QoQ) to 219tbtu led by 4% increase in Dahej volume and 87% increase in Kochi volume. Kochi-Mangalore pipeline is expected to complete by Jul'2020 which is likely to increase Kochi's utilisation to 30%-35%. The company's utilisation level at Dahej reached to 100% in June'2020 after seeing some disruption in Apr (upto 60% utilisation) and May'2020. We forecast Dahej/Kochi volume to reach to 17.8/1.8mmt in FY22 from 17.2/0.8mmt in FY20. We expect PLNG to get stiff...