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Petronet LNG: Spot cargoes do it again… - Views on News from Equitymaster

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Petronet LNG: Spot cargoes do it again…

Apr 18, 2007

Petronet LNG, the regasification major’s performance during 4QFY07 and FY07 has been quite robust. The topline for the quarter increased by 63% YoY on the back of processing of spot cargoes procured at international prices. Operating margins were marginally lower as they declined by 250 basis points during the quarter. Net profits registered a growth of 60% YoY, helped by higher other income (increase of 121% YoY) and benign depreciation and lower finance charges. The performance for FY07 has also been impressive with the bottomline growing at 61% YoY on the back of a 44% YoY growth in topline.

Financial snapshot…
(Rs m) 4QFY06 4QFY07 Change FY06 FY07 Change
Net sales 9,417 15,388 63.4% 38,372 55,090 43.6%
Expenditure 7,965 13,397 68.2% 33,490 48,609 45.1%
Operating profit (EBDITA) 1,453 1,991 37.1% 4,882 6,481 32.8%
EBDITA margins 15.4% 12.9%   12.7% 11.8%  
Other income 67 148 121.2% 194 366 88.2%
Interest expenses 265 259 -2.2% 1,116 1,071 -4.1%
Depreciation 251 252 0.2% 1,010 1,020 1.1%
Profit before tax 1,004 1,629 62.3% 2,950 4,755 61.2%
Tax 342 569 66.1% 1,001 1,623 62.1%
Profit after Tax 662 1,060.3 60.3% 1,949 3,132 60.7%
Net profit margin 7.02% 6.89%   5.1% 5.7%  
No. of shares (m) 750.0 750.0   750.0 750.0  
Diluted earnings per share 0.88 1.41   2.60 4.18  
Price to earnings ratio*         8.4  

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