Capitaline

Analyst Meet / AGM 13-Feb-18

Conference Call

Petronet LNG

Expects FY19 capex at Rs 400 crore

Petronet LNG conducted conference call to discuss results for the quarter ended December 2017 and way forward. Mr. Rajender- Director Technical and Mr. Pankaj Wadhwa- Sr. VP Marketing of the company addressed the call.
Highlights of the Concall

Volumes during the quarter was 223 thousand btu (TBTUs) in Q3FY'18 compared to 191.4 thousand btu in Q3FY'17 and 220 thousand btu in Q2FY'17.

Dahej terminal volume was 215 thousand btu while Kochi terminal handled 8 TBTUs of LNG.

Out of total Dahej volumes- 119 TBTUs were from long-term supply, 4 TBTUs were for short-term supply and 92 TBTUs were re-gasification quantities.

Current Dahej utilization was 110.6% compared to 131.5% in Q3FY17 and 108% in Q2FY18.

Dahej capacity expansion from 15.0 million tonne (mt) to 17.5 mt is expected by June 2019. Project is 70% complete. In addition to the on-going capex, company has also decided to add one more tank at a cost of Rs 600 crore. This would increase the operational flexibility for PLNG and allow it to operate the terminal at full capacity.

The company presently has no plan to expand Dahej capacity beyond 17.5 mt.

The company does not see start-up of 5 mt Adani's Mundra terminal in 2018 to impact Dahej volume as most of the Dahej capacity is contracted under use-or-pay

Sri Lanka LNG terminal plan is in very early stage and will not lead to any capex in FY19

FY18 capex is expected at Rs 200 crore. Expects FY19 capex at Rs 400 crore, mostly on Dahej expansion and some initial capex on new storage tanks at Dahej

Entire Gorgon volumes of earlier contract have been received between Kochi and Dahej. Revised contract is applicable from Jan 1, 2018, with increased capacity commencing next year

The utilisation of Kochi terminal can increase from current 15% to 35% once the Kochi-Mangalore pipeline is completed. The company expects that GAIL India (who is laying the pipeline) has should be completed by Q4FY19 further which utilizations are expected to improve from FY20 onwards. There is no clarity on the Kochi-Bangalore pipeline as of now

The company has increased regas tariffs at Dahej by 5% from 1st January 2018,. The increase in tariffs by 5% for Kochi terminal would be taken from 1st April 2018.

Gross debt stood at Rs1600 crore and Cash and cash equivalent at Rs 500 crore.

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