Petronet LNG Ltd. share price target

Petronet LNG (PLNG) reported 16%/13% YoY/QoQ increase in adj. EBITDA to INR 12.8bn and +21%/+19% YoY/QoQ change in adj. PAT to INR 8.9bn. Reported PAT was INR 10.7bn with an INR 2.3bn reversal of UoP provision.

Petronet LNG’s 3QFY25 revenue came in below our estimates, as total
volumes stood below our estimates, primarily due to lower third-party cargos. While EBITDA was also marginally below estimates, higher-thanexpected other income led to PAT coming in-line with our estimates.

PLNG posted Q3FY25 adj SA EBITDA of Rs12.8bn and APAT of Rs8.9bn, which were in-line. Provision on Use or Pay (UoP) was Rs1.5bn, while UoP income booked for CY24 was Rs1.17bn.

Q2 underlying EBITDA broadly in line factoring in UOP adjustments; Dahej utilisation can hold up in Q3 if LNG prices remain range bound

Petronet LNG (PLNG) 2QFY25 EBITDA came in 9% below our estimates at INR12b. Dahej utilization was down 9pp QoQ at 102%, while Kochi utilization stood at 22% (flat QoQ).

We upgrade PLNG to BUY from Add and raise our TP by 16% to Rs425/sh. We reiterate our positive view on the back of a steady outlook and attractive valuation.

Petronet LNG (PLNG) recorded lower-than-estimated EBITDA of INR13.7b in 1QFY25. Dahej utilization was up 13% QoQ at 112%, while Kochi utilization stood at 22% (+1.6pp YoY).

Petronet LNG (PLNG) has reported 32% YoY (42% QoQ) improvement in EBITDA to INR 15.6bn and 45/55% YoY/QoQ rise in adjusted PAT to INR 11.4bn. Volume of 248tbtu at Dahej reached an 11-quarter high.

Q4 EBITDA missed consensus on provisions for delayed TOP recovery and inventory loss; provisions to muddle EBITDA reporting till FY26

PLNG has approved the PDHPP project at a capital intensity of US$ 3,000-3,650/t

Petronet LNG (PLNG) reported a 4% YoY improvement in EBITDA to INR 12.1bn and a 10% YoY rise in PAT to INR 8.2bn, up 3/4% QoQ. Management has raised the estimated investment on the PDHPP plant (nameplate capacity of ~0.75mtpa of PDH, split into 0.25kt of Propylene, 0.5mt of Polypropylene) at an investment of INR 210bn.

Volume revival surprised in H1FY24 but further upside constrained by higher availability of domestic gas in the near term

Petronet LNG (PLNG) has reported a steady 11% YoY improvement in EBITDA to INR 11.8bn and a 13% YoY rise in PAT to INR 7.9bn, up 25/29% QoQ, in line with I-Sec estimates. Dahej (in Gujarat) volumes of 217tbtu improved materially, rising 11/26% YoY/QoQ, respectively, while Kochi (in Kerala) volumes of 13tbtu rose 8% YoY, flat QoQ.