Capitaline

Analyst Meet / AGM 14-Aug-17

Conference Call

Petronet LNG

LNG has been notified as transportation fuel

Petronet LNG conducted conference call to discuss results for the quarter ended June 2017 and way forward. Senior management of the company addressed the call.
Highlights of the Concall

Volumes during the quarter was 191.7 thousand btu (TBTUs) in Q1FY'18 compared to 165.2 thousand btu in Q1FY'17 and 180 thousand btu in Q4FY'17.

Dahej terminal volume was 184.1 thousand btu while Kochi terminal handled 7.5 TBTUs of LNG.

Out of total Dahej volumes- 104.8 TBTUs were from long-term supply, 0.8 TBTUs were for short-term supply and 78.6 TBTUs were re-gasification quantities.

Current Dahej utilization is at 97% and is expected to reach 100% in the coming quarter.

Kochi terminal utilization is at 12.7% currently. It will be steady over a period of years, but is expected to pick up post the completion of the Kochi-Mangalore pipeline (Dec'18). Demand in the Mangalore region is around 1 million tonne to start with. Currently, FACT consumes around 0.8 mmscmd while Kochi refinery offtake is around 1.8-2 mmscmd, and is expected to rise to 2.5 mmscmd from FY19. The Kochi LNG terminal's operating profit stood at Rs 49 crore in Q1FY18 versus Rs 24.5 crore in Q1FY17.

LNG imports from Gorgon contract were total of 4 cargoes in this quarter implying 11.2 thousand btu of volume. Going forward, run-rate will remain 4.5 cargoes on quarterly basis.

Proposed Bangladesh venture is at a mature state, as the company is more actively engaged.

LNG has been notified as transportation fuel. The company aims to do a pilot of LNG trucking by end of FY18.

Natural gas remains outside the GST purview as of now and there is no clarification on it being part of GST in future. The company does not expect any negative impact on demand for natural gas on account of its exclusion from GST. However, if included, this may give rise to demand

Long-term debt stands at Rs 2300 crore and cash at Rs 3000 crore as of now.

Going forward the company expects tax rate to be around 30-35%

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