PLNG's long term contract demand remains robust while spot LNG accounts for ~4% of volumes, unlikely to be hit by jump in prices. We leave our FY22/23E estimates unchanged. PLNG reported lower than expected results with EBIDTA/PAT of Rs10.5bn (-3%Q/Q; PLe Rs12.3bn) and Rs6.4bn (+2%Q/Q PLe Rs7.8bn), due to lower regas volumes. PLNG is a play on India's rising LNG imports and we like PLNG's business model, given high...