Petronet LNG Ltd. share price target

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.

Petronet LNG (PLNG) reported 19% YoY decline in its adjusted EBITDA to Rs9.4bn (+4% QoQ) and 24% YoY dip in net adjusted earnings to Rs6.1bn in Q4FY23, well below I-Sec estimates of Rs12.9bn EBITDA and Rs8.3bn PAT. YoY earnings decline was due to a 23% YoY dip in service volumes and lower trading gains.