Petronet LNG's (PLNG) Q1FY21 result was a beat to our estimates on the back of higher than expected volume and lower other expenses. The company's revenue decreased 43% YoY to Rs48.8 bn on the back of lower volume and lower LNG price. Total volume decreased 16% YoY (-13% QoQ) to 190tbtu led by 17% fall at Dahej and flattish YoY growth at Kochi terminal. Kochi-Mangalore pipeline is expected to commence by Aug'20 end, delayed by a month and should reach an utilization level of 30-35%. The company's current utilisation level at Dahej reached to 104% and 17-20% at Kochi. The company has a capex plan of Rs3.5 bn for FY21 and much more after that as they have...