Petronet LNG (PLNG) reported better-than-expected Q1FY2021 results as the decline of 11% y-o-y in its operating profit to Rs. 910 crore was much lower than our and street expectations of 20-22% y-o-y decline. It is attributable to higher-than-expected Dahej re-gas volume at 181 tbtu (versus estimate of 168 tbtu) and lower other expenses (29% y-o-y). Other expenses were lower as variable cost (such as power and fuel and repairs) declined with lower overall volumes. We highlight here that Q4FY2020 operating profit was impacted by Rs. 31 crore for inventory loss and Rs. 178 crore for forex losses. Kochi terminal volume at 9 TBTU (flat y-o-y; down 31% q-o-q) was in-line...