Petronet LNG (Q4 FY14)

India Infoline News Service | Mumbai |

Petronet LNG for Q4 FY14 reported revenue of Rs104bn in line with our estimates.

CMP Rs145, Target Rs150, Upside 3.4% 
  • Net sales at Rs104bn was in line with our estimates; represented a growth of 23.2% yoy and 11.1% qoq

  • Total volumes were at 117.3 TBTUs as compared to 122 TBTUs in Q4 FY13 and 123.6 TBTUs in Q3 FY14, mix however changed substantially with short term and spot volumes jumping from 12.8 TBTUs in Q3 FY14 to 20.8 TBTUs in Q4 FY14

  • OPM at 3.7% was in line with our expectations

  • PAT at Rs1.7bn was higher than estimates owing to better than expected spot margins

  • Kochi ramp up continues to be a concern given the fact that there is no clarity on commencement of Mangalore and Bangalore pipelines

  • We downgrade our rating to Market Performer as we believe the recent rally in the stock adequately factors in the volume upsides from Dahej terminal

Result table
(Rs m)
Q4 FY14
Q4 FY13
% yoy
Q3 FY14
% qoq
Sales (TBTUs)
112.8
118.3
(4.6)
104.8
7.7
Regas services (TBTUs)
4.5
3.7
21.6
18.8
(76.1)
Net sales
104,278
84,656
23.2
93,821
11.1
Material costs
(99,344)
(79,405)
25.1
(89,171)
11.4
Personnel costs
(195)
(137)
42.5
(106)
84.6
Other overheads
(871)
(770)
13.0
(1,045)
(16.7)
Operating profit
3,868
4,344
(11.0)
3,499
10.5
OPM (%)
3.7
5.1
(142) bps
3.7
(2) bps
Depreciation
(1,000)
(468)
113.7
(1,017)
(1.7)
Interest
(786)
(247)
218.3
(783)
0.4
Other income
308
203
51.9
216
42.3
PBT
2,389
3,831
(37.6)
1,916
24.7
Tax
(696)
(1,380)
(49.6)
(560)
24.3
Effective tax rate (%)
29.1
36.0
29.2
Reported PAT
1,693
2,451
(30.9)
1,356
24.9
PAT margin (%)
1.6
2.9
-127 bps
1.4
18 bps
Ann. EPS (Rs)
9.0
13.1
BSE 251.15 0.95 (0.38%)
NSE 250.95 1.10 (0.44%)

***Note: This is a NSE Chart

 

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