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Petronet LNG is likely to announce its 2QFY2011 results. The company’s top line during
the quarter is expected to decline by 9.8% yoy to `3,072cr on account of completion of
contract with RGPPL. However, we expect the company to witness volume growth on a qoq
basis to 102.7TBTUs (95.1 TBTUs) with the company importing spot LNG cargoes due to
disruption in gas supply in the Panna-Mukta field. Despite the top-line decline, operating
profit during the quarter is expected to increase by 3.9%, driven by an increase in regasification
margins and marketing losses of 2QFY2010. The bottom line during the
quarter is likely to be subdued, with a marginal decline of 1.8% yoy to `119cr (`121cr) on
account of higher depreciation by 8.7% yoy and lower other income. Following the recent
strong surge in the stock price, the stock is currently under review.
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