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Petronet LNG : Bottomline doubles - Views on News from Equitymaster

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Petronet LNG : Bottomline doubles
Oct 18, 2011

Petronet LNG has announced results for the second quarter of financial year 2011-2012 (2QFY12). The company has reported a whopping 98% year on year (YoY) increase in the bottomline along with a topline growth of 76% YoY. Here is our analysis of the results.

Performance summary
  • Revenues soared 75.5% YoY during the quarter.
  • Operating profit growth registered a growth of 65% YoY. The margins came at 8.4% (versus 8.9% last year).
  • Net profits almost doubled (up 98.5% YoY) during the quarter. The net profit margin also registered a growth of 0.56% (YoY).

Financial Performance snap shot
(Rs m) 2QFY11 2QFY12 Change 1HFY11 1HFY12 Change
Sales 30,577 53,669 75.5% 55,837 99,902 78.9%
Expenditure 27,861 49,185 76.5% 50,643 91,037 79.8%
Operating profit (EBIDTA) 2,716 4,484 65.1% 5,193 8,865 70.7%
Operating profit margin (%) 8.9% 8.4%   9.3% 8.9%  
Other income 186 201 8.2% 311.828 464 48.7%
Interest 495 458 -7.4% 992.938 922 -7.1%
Depreciation 466 463 -0.7% 927.451 921 -0.7%
Profit before tax 1,941 3,763 93.9% 3,585 7,485 108.8%
Profit before tax margin (%) 6.35% 7.01%   6.42% 7.49%  
Tax 630 1,160 84.1% 1160 2,315 99.6%
Profit after tax/(loss) 1,311 2,603 98.5% 2,425 5,170 113.2%
Net profit margin (%) 4.29% 4.85%   4.34% 5.18%  
No. of shares         750  
Diluted earnings per share (Rs)*         12  
P/E ratio (x) *         13.5  
* On a trailing 12 months basis
What to expect?

The stock is currently trading at PE ratio of 13.5 (on the basis of trailing 12 months) which we believe is not very expensive considering the growth potential of the company. As the domestic gas supplies are on a decline, the demand for LNG is expected to remain high which is a strong positive for the company. We expect increasing share of spot cargoes to lend further support to margins. We have a positive long term view on the company.

The company has recently concluded analyst presentation. We will incorporate the details of the same soon in our forecasts and keep our subscribers updated.

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Jul 17, 2018 03:37 PM

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