Petronet LNG (PLNG) came out with a very strong set of numbers in Q2FY21 which was a beat to our and consensus estimates owing to highest-ever volume, higher inventory gain and higher other income. Dahej operated at 109% capacity utilization and delivered a volume of 243tbtu, up 34% QoQ (103-long-term, 135-tolling and 5-spot). While Kochi terminal operated at 17% utilization and processed a volume of 11tbtu, up 22% on lower base (8-long term, 3- spot). Kochi-Mangalore pipeline is expected to complete by month-end and should reach to a utilization level of 30-35% in the near term. The company has cut its capex for FY21 to Rs1.5 bn from Rs3.5 bn earlier. We...