Petronet LNG (PLNG)'s numbers were in line with our estimates, with volumes at 209tbtu and utilization rates at Dahej/Kochi at 88%/24% in 1QFY22. Kochi was largely unaffected, while Dahej was impacted by the second COVID wave. The management expects the utilization rate at Kochi to be ramped up by ~30% by end-FY22. On the other hand, Dahej would continue to operate at over 95% owing to tied-up contracts (16.5mmtpa of 17.5mmtpa). We remain positive on the gas story in India as the market share of gas in the primary energy mix is just 6%. It is expected to almost double by CY30...