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Analyst Meet / AGM
11-Jun-21
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Conference Call
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Petronet LNG
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Capex outlay of Rs 18290 crore over next 5 years
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Petronet LNG held a conference call on June 09, 2021 to discuss the results for the quarter and year ended Mar21 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 218 thousand btu (TBTUs) in Q4FY'21 compared to 219 thousand btu in Q4FY'20 and 235 thousand btu in Q3FY'21.
- Dahej terminal volume was 204 thousand btu while Kochi terminal handled 14 TBTUs of LNG.
- Out of total Dahej volumes- 102 TBTUs were from long-term supply, 5 TBTUs were for short-term supply and 97 TBTUs were re-gasification quantities.
- Current Dahej utilization was 93% same as in Q4FY20 but lower from 113% in Q3FY21 on lower demand given high spot LNG prices.
- Volumes are likely to recover once LNG spot prices soften in the near term. Besides, addition of the Kochi-Mangalore pipeline will spur additional demand. With around 11 CGDs underway, Kochi terminal's utilisation is likely to ramp up to 30-35% delivering 5 mmscmd volumes in CY21. With another pipeline (Kochi-Bangalore) coming in to operation in the medium term, overall utilisation will increase to around 60%.
- 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
- The company mentioned that Kochi terminal users are asking for regas tariffs equivalent to Dahej. The company is asking offtakers to tie-up more volumes if they want to reduce the tariff (now only 3-4mmscmd, hence not possible). The company expects some solution this quarter. The company took 5% hike in April vs. Rs 83.1 per mmbtu in FY21
- The company is in talks with Qatar for sourcing additional LNG for the long term The company currently has a long term deal to import 7 5 MT per annum from Qatar, which will end in Mar 2028
- The company has changed the thought process on LNG retailing front and plans to go individually to the customer directly rather than tying up with CGD companies.
- No discussions ongoing currently for any international LNG terminal investments and the company, though is open, sees none on the horizon. Sri Lanka LNG project is out of ambit due to changes in the project plan (Sri Lankan government now asking for offshore LNG at 5 kms into the sea which PLNG wants to avoid getting into). PLNG also clarified that non-binding MoU with Tellurian LNG project is not extended.
- PLNG has announced capex outlay of Rs 18290 crore over next 5 years. The plan will include Rs 8000 crore for opening up 1000 LNG stations across Golden Quadrilateral highways, Rs 700 crore for a third LNG tank at Kochi terminal, Rs 4000 crore for 100 CBG plants (under the government project), Rs 1540 crore for a new terminal at Gopalpur (Odisha,) two additional tanks at Dahej for Rs 1240 crore, the additional jetty at Dahej for Rs 1700 crore, Dahej re-gas capacity expansion in 2 phases -17.5 mtpa to 20 mtpa for Rs 220 crore by FY 23 and 20 mtpa to 22.5 mtpa for Rs 890 crore by FY 24.
- There has been a reduction in dividend payout in FY21 to 58% vs. 70% each in FY19 and FY20 as the company plans to conserve cash for upcoming large capex plan.
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