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UBS has upgraded Petronet LNG to a 'buy' rating, raising its target price to Rs 400 per share, indicating a potential 20% upside. The company reported a 4.17% year-on-year increase in consolidated net profit to Rs 849 crore for Q2, benefiting from India's growing LNG dependence and plans to expand capacity at its Dahej terminal.
UBS has upgraded Petronet LNG Ltd. to 'buy', raising the target price to Rs 400, driven by India's increasing LNG demand, projected to grow at 5.6% CAGR over the next three years. The company has secured five long-term LNG contracts starting in 2026, which will boost capacity by 4.2 MMTPA. With significant imports expected to meet 80-85% of the incremental gas demand, Petronet is well-positioned for growth, supported by terminal expansions and strong cash flow.
Petronet LNG reported a Q2FY25 EBITDA of Rs 12bn, down 23.2% QoQ, with a PAT of Rs 8.5bn, a 25.8% decline. Total volume fell 8.8% QoQ to 239 TBtu, attributed to lower regas volume, despite high capacity utilization at the Dahej terminal. The stock is rated 'Sell' with a target price of Rs 272 due to expensive valuations and increasing competition from new LNG terminals.
Petronet LNG's 2QFY25 EBITDA fell 9% short of estimates at INR12b, with Dahej utilization down to 102% and Kochi steady at 22%. The company anticipates Dahej terminal expansion completion by Mar’25, aiming for a minimum throughput of 20mmtpa in FY26, though progress on anchor customers remains slow. The stock is valued at a target price of INR385, maintaining a Neutral rating.
Petronet LNG Limited
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04:22 02.12.2024
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