Petronet LNG Q4FY11 Result Update; Results above expectation; Maintain BUY; Target: Rs 164: EMkay

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Petronet LNG

Results above expectation; Maintain BUY

BUY

CMP: Rs 137                                       Target Price: Rs 164

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n     Results were above estimate, mainly due to higher volume growth of 37% to 125.75tbtu during the quarter

n     EBIDTA margin expanded by 34bps YoY to 8.8% (-71bps QoQ), mainly on account of higher spot volumes offtake and increase in regasification charges by 5% during the quarter

n     Regasification charges increased by 5% to Rs.33.3/mmbtu in January 2011

n     Supply constrain of natural gas from both KG D6 and PMT field continue to support higher volumes of PLNG, maintain BUY with revised TP of Rs.164