• With a market valuation of ₹31,822.50 crore, Petronet LNG Limited is a large-cap company operating in the Energy industry.
With a market valuation of ₹31,822.50 crore, Petronet LNG Limited is a Large-cap company operating in the Energy industry. One of the leading public limited corporations in the industry, Petronet LNG Limited operates in the Indian energy market. With a current nominal capacity of 17.5 MMTPA, it has built the country's first LNG receiving and regasification facility at Dahej, Gujarat and another terminal at Kochi, Kerala with an estimated capacity of 5 MMTPA. For the financial year 2022-2023 the corporation has declared a dividend of Rs. 7 per share.
The company said in a stock exchange filing that "Pursuant to Regulation 42 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we inform that the record date has been fixed as Tuesday, November 22, 2022, for the purpose of ascertaining Entitlement of the members for Special Interim Dividend of Rs.7/- (Rupees Seven only) per share on Equity Shares of the Company for the financial year 2022-23 declared at the meeting held by the Board of Directors of the Company (of face value of each 10/- at Rs.10/-) on November 9, 2022. The above declared Special Interim Dividend will be paid on Monday, December 5, 2022. Dividend Warrants on Monday, December 5, 2022 and within 30 days from the date of declaration of Special Interim Dividend shall be posted. Provided in the Companies Act, 2013."
On a standalone basis, the company announced a net sales of ₹15,985.73 crore in Q2FY23 as compared to Rs. 10,813.08 crore was posted in Q2FY22, representing a YoY growth of 47.84%. The company declared a net profit of Rs. 744.25 crore in Q2FY23 as compared to Rs. 823.02 crores were posted in Q2FY22, representing a decline of 9.57%. Petronet LNG EPS declined to Rs. 4.96 in the quarter ending Sep 2022 from Rs. 5.49 Posted in the year-ago quarter.
On a consolidated basis, the company announced a net sales of ₹15985.73 Crore in Q2FY23 as compared to ₹10813.08 Crore posted in Q2FY22. Petronet LNG's net profit declined by 3.90% to Rs 785.73 crore in the quarter ended Sep 2022 from Rs 817.61 crore in the quarter ended Sep 2021. Petronet LNG EPS declined to Rs. 5.24 in the quarter ending Sep 2022 from Rs. Posted in the quarter 5.45 years ago.
Research analysts at broking firm Prabhudas Lilladher said after Petronet LNG's Q2 results, "We downgrade our FY23/24E estimates by ~0.5% as we incorporate H1 BS. PLNG reported in-line results with EBITDA and PAT of Rs 11.7 billion (+10% Q/Q; PLE Rs 11.0 billion) and Rs 7.4 billion (+6% Q/Q, PLE Rs 7.3 billion), as This was compensated for by higher margins. Less than expected quantity. The recent softening in spot LNG prices to USD24/mmbtu from Q1 levels of USD46/mmbtu augurs well, as spot volumes for H1FY23 were muted at 3TBtu vs 15TBtu in H1FY22. Additionally, the company's long-term contracts are best suited in an uncertain global economy. We believe PLNG is a formidable play on India's growing LNG imports despite growing domestic gas production given 1) high earnings potential and 2) limited competition for its well-established penetration in the LNG business. Reiterate 'BUY' with a DCF based PT of Rs 325 (Rs 307) as we update our H1FY23 BS."
Research analysts at broking firm Motilal Oswal said, "We remain positive on the gas story in India, which as per our gas demand-supply model is set to see a CAGR of 6-8%, led by: a a) development of new CGD and b) higher consumption at fertilizer and refining/petty plants. Total capex guidance for FY23-24 stands at INR42.5b. The company will set up a petrochemical project in which it will set up PDH-PP (capacity of 500KTPA) and first It is also setting up two new tanks at Dahej by CY24E at a capex of INR12.5b. Around 39% of the project is complete. A third jetty at Dahej with a capex of INR17b Coming up. The FSRU on the east coast could cost the company INR15b, along with brownfield expansion of 5mmtpa at the Dahej terminal at a cost of INR6b (to be completed in phases by CY24E or early CY25E). Share 5.4x FY24E Trading at EV/EBITDA We value PLNG on DCF basis to arrive at a fair value of INR297 Huh; buy."
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