Rising domestic supplies from RIL/ONGC are unlikely to impact PLNG but new LNG terminals without any LT contracts, in our view. We lower our FY22/23E estimates by 16%/4%to factor volume dip from high spot LNG prices and lockdown restrictions. PLNG is a play on India's rising LNG imports supported by soft spot LNG prices. We like PLNG's business model given high earnings visibility and see limited competition to its wellentrenched reach in the LNG business. However, recent change in their...