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Analyst Meet / AGM
17-Feb-21
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Conference Call
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Petronet LNG
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Expects capex of Rs 530 crore in FY22
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Petronet LNG held a conference call on February 12, 2021 to discuss the results for the quarter ended Dec20 and way forward. Mr. Vinod Kumar Mishra- Director (Finance, Mr. Rakesh Chawla- GGM & President (F&A), Mr. Gyanendra Sharma- CGM & VP (Marketing) and other senior management of the company addressed the call.
Highlights of the Concall
- Volumes during the quarter was 235 thousand btu (TBTUs) in Q3FY'21 compared to 233 thousand btu in Q3FY'20 and 254 thousand btu in Q2FY'21.
- Dahej terminal volume was 222 thousand btu while Kochi terminal handled 13 TBTUs of LNG.
- Out of total Dahej volumes- 113TBTUs were from long-term supply, 5 TBTUs were for short-term supply and 104 TBTUs were re-gasification quantities.
- Current Dahej utilization was 99% same as in Q3FY19 but lower from 109% in Q3FY20.
- Petronet LNG's (PLNG) Q3FY21 results had inventory gains of Rs 60 crore on spot LNG and Rs 54 crore of trading margins due to the spike in spot LNG prices
- Volume was impacted in Q3FY21 due to decline in quantum of spot volumes imported by players who have booked regas capacity in Dahej given the spike in spot LNG prices to $20 per mmbtu in Dec'20-Jan'21. The volumes were impacted in Jan'21 as well.
- The company expects Dahej re-gas volume to decline on a sequential basis in Q4FY2021, given lower offtake for tolling contracts and spot basis due to a sharp rise in spot LNG price. However, demand is normalizing now as spot LNG price corrected to $6.5-7 per mmbtu from peak levels of $32 per mmbtu.
- Kochi-Mangalore pipeline section has been commissioned in November 2020 and the company expects to ramp-up volume to 1.5 mmt with around 30% utilisation level by Q3FY22-Q4FY22 as more plants get connected over the pipeline route. Moreover, post the completion of Kochi-Bangalore section, utilisation of the Kochi terminal would further increase to 50%-60% in 2-3 years.
- The company highlighted that it has taken 5% annual escalation for Dahej re-gas tariff to Rs. 54.34 per mmBtu with effect from January 1, 2021. With regards to Kochi terminal re-gas tariff, the company is in discussions with off-takers at Kochi terminal for revision in re-gas tariff and a final decision on tariff is expected soon.
- The company is planning to expand Dahej capacity to 22.5 mtpa from current 17.5 mtpa under two phases. Under phase-1 it would be expanded to 20 mtpa in next 36-40 months by adding 2 new storage tanks and expansion of Jetty. Phase-2 expansion till 22.5 mtpa may take another 2-3 years. Technical feasibility beyond 22.5 mmtpa has not been checked so far by the company.
- The Board of Directors has approved the proposal for incorporating its wholly owned subsidiary company (Petronet Energy Limited) to undertake businesses, including gassing up and/or cool down and supply of heel to LNG vessels, LNG bunkering, training, consultancy, other value-added marine, transport, and LNG services
- The company has signed a non-binding agreement with Ministry of Petroleum and Natural Gas for setting up 100 compressed bio gas (CBG) plants with total capex estimated at Rs. 125 crore.
- The company is also keen to build LNG terminal ($300 million) in Sri Lanka and LNG terminal in east coast of India. The east coast terminal is expected in the next four years with the target to book at least 30% of capacity at its proposed terminal.
- Total capex during 9MFY21 was Rs 65 crore only due to Covid-19 against expected Rs 348 crore for FY21. The company expects capex of Rs 530 crore in FY22.
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