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Analyst Meet / AGM
11-May-17
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Conference Call
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Petronet LNG
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Dahej expansion to complete by 2019
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Petronet LNG conducted conference call to discuss results for the quarter ended March 2017 and way forward. Mr. R.K. Garg, Director Finance and Mr. Pankaj Wadhwa (Sr. Vice President- Finance) of the company addressed the call.
Highlights of the Concall
- Volumes during the quarter was 180 thousand btu (TBTUs) in Q4FY'17 compared to 153.6 thousand btu in Q4FY¡¯16 and 191.4 thousand btu in Q3FY¡¯17.
- Volumes declined compared to previous quarter mainly on account of demand dip in spot volumes during January due to a sudden spike in spot prices. However, going forward, volumes are expected to stabilize with current lower spot prices.
- Dahej terminal volume was 177.1 thousand btu while Kochi terminal handled only 2.9 TBTUs of LNG. Volumes will pick up post the commissioning of the Kochi-Mangalore-Bangalore pipeline. Management expects Kochi©\Mangalore pipeline to be completed by December 2018. Going forward, the company could receive additional 1¨C1.5 MMTPA of gas if the pipeline work gets completed.
- Out of total Dahej volumes- 107.1 TBTUs were from long-term supply, 0.4 TBTUs were for short-term supply and 69.6 TBTUs were re-gasification quantities.
- Torrent has started taking volumes from Dahej in April; the company will ramp up off-take to 0.5 million tonne in FY2018, 0.75 million tonne in FY2019 and 1 million tonne from FY2020 onwards.
- LNG imports from Gorgon contract has started with the import of 3 cargoes at Dahej in 4QFY17; supply is expected to ramp up by July 2017 on completion of phase 3 of the project. The company expects to import whole or a significant portion of Gorgon volumes at Dahej terminal, until the commissioning of Kochi-Mangalore pipeline
- Imports account for 50% of natural gas consumption. Any incremental consumption will also be met via imports given no clear visibility on domestic gas production. No clear demand visibility for 2 years.
- For FY17, the company has processed 728tbtu of LNG against 580tbtu in FY16. Of the total regas volumes, Dahej accounted for 714tbtu, while balance was accounted by Kochi terminal. Higher volumes at Dahej were due to commissioning of 5MTPA expansion in August 2016.
- The company had factored in Rs 85 crore towards forex changes in other income and other expenditure as part of IND AS accounting in Q4FY'17.
- Management expects capacity expansion at Dahej at 17.5 MTPA to complete by 2019. They have also approved for setting up an additional storage tank for US$100 million.
- Petronet LNG has acquired 26% stake in India LNG transport Company (No.4) Pvt Ltd with an investment of 75 crore
- The company has claimed investment allowance for capacity expansion in Dahej in Q4 also which has led to lower tax outgo. Accordingly, they expect their tax incidence to remain at 28©\29% for FY18/19E.
- The company is open to set up LNG terminal in Bangladesh and other markets.
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