Petronet LNG's (PLNG) Q4FY2020 adjusted operating profit of Rs. 907 crore (up 44.5% y-o-y; down 8.2% q-o-q) was lower than our estimate of Rs. 952 crore due to lower margin on spot volumes. We have adjusted operating profit for forex loss of Rs. 178 crore and inventory loss of Rs. 31 crore in Q4FY2020. Dahej re-gas volume at 206 tBtu (up 4% y-o-y; down 7.2% q-o-q) was largely in-line with our estimate of 204 tBtu. Kochi terminal's volume stood at 13 tBtu (up 18.2% q-o-q), leading to higher utilisation rate of 20.4% in Q4FY2020 versus 17.3% in Q3FY2020. Adjusted PAT at Rs. 559...