Petronet LNG rating – Hold: High margin offset muted volumes
Volumes likely to remain in check; risk-reward priced in; Hold retained with TP of Rs 240. Petronet LNG (PLNG) reported Q3FY22 Ebitda of Rs 17.3 bn (+29.7% y-o-y/+33.6% q-o-q) ahead of our estimate due to high marketing margin (~2.2x y-o-y), partially offset by muted volumes (-11.5% y-o-y). Highlights: (i) Dahej terminal logged muted utilisation of …