Petronet LNG (PLNG) Q3FY21 profit was a beat to our and consensus estimates owing to higher spot LNG margin (Rs540 mn) and inventory gain of Rs600 mn despite lower than forecasted volume. Total volume was flattish YoY at 235tbtu, 6% below our estimate. KochiMangalore pipeline commissioned in Nov'20 and expects utilization to reach to 30% by end FY22. We believe Q4 is again going to be a challenging quarter on account of significant volatility in spot prices. We raise our FY21E EBITDA/PAT estimates by 11%/13.5% while keep FY22E/FY23E estimates largely unchanged. We expect flattish volume growth at Dahej over the next three years would restrict its growth opportunity. We downgrade the stock to...