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Analyst Meet / AGM
08-Nov-18
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Conference Call
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Petronet LNG
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Kochi-Mangalore pipeline will be completed by February 2019
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Petronet LNG conducted conference call to discuss results for the quarter ended September 2018 and way forward. Mr. V.K. Mishra, Director (Finance), Mr. Mukesh Gupta, Vice President (F&A) and Mr. Pankaj Wadhwa- Sr. VP Marketing of the company addressed the call.
Highlights of the Concall
- Volumes during the quarter was 217 thousand btu (TBTUs) in Q2FY'19 compared to 220 thousand btu in Q2FY'18 and 220.2 thousand btu in Q1FY'19.
- Dahej terminal volume was 211 thousand btu while Kochi terminal handled 6 TBTUs of LNG.
- Out of total Dahej volumes- 116 TBTUs were from long-term supply, 7 TBTUs were for short-term supply and 88 TBTUs were re-gasification quantities.
- Current Dahej utilization was 108.5% compared to 108% in Q2FY18 and 110.1% in Q1FY19.
- The company had Rs 21 crore as one-time expense related to pay revision in employee costs and expects Rs 3-4 crore increase in quarterly recurring employee expense due to the pay revision.
- The company does not expect risk to existing capacity utilization at Dahej due to the upcoming new terminals as Dahej is already tied up for long-term up to 15.75 mmtpa.
- As per GAIL, the Kochi-Mangalore pipeline will be completed by February 2019 after which Kochi utilization can ramp up, i.e., by Q4FY19. Once Mangalore is completed, the focus will be on Bangalore stretch.
- Kochi tariff reset would be looked into if it can lead to substantial volume growth. As regas tariff is a small component of LNG prices, it won't make too much of a difference
- Dahej expansion from 15 million tonne to 17.5 million tonne is expected to be completed by March 2019
- In Bangladesh, capacity of 7.5 mmtpa with a 100% offtake sovereign guarantee from the government. Potential capex requirement would be USD 1 billion and the company is currently working on the final contract (terminal and implementation) of the project. Petronet LNG stake would be 70-75% balance by the Bangladesh government
- In Sri Lanka project Petronet LNG is in talk with two other JV partners and process is on to hire a financial consultant. Pre-FEED is done, but some more studies going on. About 15-24 months can be taken to start the project and 1-2 years for completion as it is a FSRU (2.5mmtpa capacity). In Sri Lanka, PLNG and partners may themselves procure LNG and sell it to customers, mostly the power sector. Equity contribution in new projects is 30-40%.
- The company is looking at opportunities internationally including E&P with OVL though nothing concrete. The Tellurian project is also being looked at.
- Cash generation of Rs 3000 crore is expected, while Rs.1000 crore annual capex run-rate for next 2-3 years. Key projects include Bangladesh, Sri Lanka and Dahej new tank. Future dividends will depend on capex plans
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