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1 BUY CMP Target Price PETRONET LNG LIMITED Result Update(PARENT BASIS): Q1 FY15 OCTOBER 15 th 2014 ISIN: INE347G01014 Index Details Stock Data Sector Oil & Gas BSE Code Face Value wk. High / Low (Rs.) / Volume (2wk. Avg.) Market Cap (Rs. in mn.) Annual Estimated Results (A*: Actual / E*: Estimated) YEARS FY14A FY15E FY16E Net Sales EBITDA Net Profit EPS P/E Shareholding Pattern (%) 1 Year Comparative Graph PETRONET LNG LTD S&P BSE SENSEX Highlights Petronet LNG Ltd is one of the fastest growing world-class companies in Indian energy sector formed as a Joint Venture by the Government of India to import LNG and set up LNG terminals in the country. Revenue for the quarter rose by 20.33% to Rs million from Rs million, when compared with the prior year period. Net Profit and EBDITA for the quarter stood at Rs million and Rs million in the current June quarter respectively. Dahej LNG Terminal is being expanded from 10 MMTPA to 15 MMTPA. The expansion project involves construction of two additional storage tanks, additional regasification facilities of 5 MMTPA capacity, four LNG Truck loading bays, utilities and offsites. Reported earnings per share of the company stood at Rs a share during the quarter, registering 30.50% decline over previous year period. Higher expenditure 22% YOY and interest costs have led to decline in EBDITA and profit margins. The company has proposed setting up a third regasification terminal at Gangavaram in Andhra Pradesh. A binding term sheet to this effect was signed with Gangavaram Port Ltd. Net Sales of the company is expected to grow at a CAGR of 20% over 2013 to 2016E respectively. PEER GROUPS CMP MARKET CAP EPS P/E (X) P/BV(X) DIVIDEND Company Name (Rs.) Rs. in mn. (Rs.) Ratio Ratio (%) Petro net LNG Ltd Indian Oil Corporation Ltd Castrol India Ltd Gulf Oil Corporation Ltd

2 QUARTERLY HIGHLIGHTS (PARENT BASIS) Results updates- Q1 FY15, Petronet LNG Ltd, one of the fastest growing worldclass companies in Indian energy sector in India, reported its financial results for the quarter ended 30 th June, Rs. In Mn June-14 June-13 % Change Net Sales PAT (30.50) EPS (30.50) PBIDT (4.83) The company s net profit decreased to Rs million against Rs million in the corresponding quarter previous year, a decrease of 20.33%. Revenue for the quarter rose by 20.33% to Rs million from Rs million, when compared with the prior year period. Reported earnings per share of the company stood at Rs a share during the quarter, registering 30.50% decline over previous year period. Profit before interest, depreciation and tax is Rs million as against Rs million in the corresponding period of the previous year. Break Up of Expenditure Rs. In Million Q1 FY15 Q1 FY14 CHNG % Other Expenditure % Employee Benefit Expenses % Depreciation & Amortization Expense % Cost of Material Consumed %

3 COMPANY PROFILE The company incorporated on April 2, 1998 and commencement of commercial operations from April, Petronet LNG Limited engages in the import, regasification, and supply of liquefied natural gas (LNG) in India. The company owns and operates LNG regasification terminal with the name plate capacity of 10 MMTPA at Dahej in the state of Gujarat. It supplies LNG primarily to Bharat Petroleum Corporation Limited, GAIL (India) Limited, and Indian Oil Corporation Limited. Petronet LNG is also drawing keen interest from global energy industry stars. While French national gas company Gaz de France (GDF) is the strategic partner, Ras Laffan Liquefied Natural Gas Company Limited, Qatar, has signed an LNG sale and purchase agreement (SPA) with the company for the supply of LNG to India. LNG supply contract with Ras Gas, Qatar & Exxon Mobil, Australia Gas Sales Agreement with GAIL, IOCL & BPCL back to back with SPA Time Charter Agreement with established consortium Entire Fuel cost pass through including exchange rate. LNG Terminals Dahej LNG Terminal The Company has set up South East Asia's first LNG Receiving and Regasification Terminal with an original nameplate capacity of 5 MMTPA at Dahej, Gujarat. The capacity of the terminal has been expanded to 10 MMTPA and the same has been commissioned in June, The expansion involved construction of 2 additional LNG storage tanks and other vaporization facilities. The terminal is meeting around 20% of the total gas demand of the country. Kochi LNG Terminal The company has completed another 5 MMTPA Greenfield LNG import and re-gasification plant in Kochi in Kerala. It was dedicated to the Nation by Hon ble Prime Minister on 4th January, This will enable PLL to expand reach and supply natural gas in the south. In addition, PLL has decided to construct another LNG Terminal on the East Coast of India at Gangavaram, near Vishakhapatnam in Andhra Pradesh. The terminal at Kochi will help in meeting enormous demand of natural gas for Power, Fertilizers, Petrochemicals and various other industries in the Southern States. New Third Terminal at East Coast Proposed Capacity: 5 Mmtpa

4 Location: Gangavaram, Andhra Prades Regasification Scheme: Indirect Fluid using ambient air heater. Progress on Schedule Regasification Scheme: Indirect fluid using ambient air Heater PFR Completed DFR under Preparation Promoters of the Company GAIL (India) Limited (GAIL), Oil & Natural Gas Corporation Limited (ONGC), Indian Oil Corporation Limited (IOCL) Bharat Petroleum Corporation Limited.

5 FINANCIAL HIGHLIGHTS (PARENT BASIS) (A*- Actual, E* -Estimations & Rs. In Millions) Balance Sheet as at March 31 st, E PETRONET LNG LIMITED FY13A FY14A FY15E FY16E SOURCES OF FUNDS Shareholder's Funds Share Capital Reserves and Surplus Sub Total - Net worth Non Current Liabilities Long term borrowings Deferred Tax Liabilities Other Long Term Liabilities Long Term Provisions Sub Total - Non Current Liabilities Current Liabilities Short Term Borrowings Trade Payables Other Current Liabilities Short Term Provisions Sub Total - Current Liabilities Total Liabilities (1+2+3) APPLICATION OF FUNDS Non-Current Assets Fixed Assets i. Tangible Assets ii. Intangible Assets iii. Capital Work-in-Progress a) Total Fixed Assets b) Non-Current Investment c) Long Term loans and advances Sub Total - Non Current Assets Current Assets Current Investment Inventories Trade receivables Cash and Bank Balances Short-terms loans & advances Other current assets Sub Total - Current Assets Total Assets (1+2)

6 Annual Profit & Loss Statement for the period of 2013 to 2016E Value(Rs.in.mn) FY13A FY14A FY15E FY16E Description 12m 12m 12m 12m Net Sales Other Income Total Income Expenditure Operating Profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Reserves Face value EPS Quarterly Profit & Loss Statement for the period of 31 st Dec, 2013 to 30 th Sep, 2014E Value(Rs.in.mn) 31-Dec Mar Jun Sep-14E Description 3m 3m 3m 3m Net sales Other income Total Income Expenditure Operating profit Interest Gross profit Depreciation Profit Before Tax Tax Net Profit Equity capital Face value EPS

7 Ratio Analysis Particulars FY13A FY14A FY15E FY16E EPS (Rs.) EBITDA Margin (%) PBT Margin (%) PAT Margin (%) P/E Ratio (x) ROE (%) ROCE (%) Debt Equity Ratio EV/EBITDA (x) Book Value (Rs.) P/BV Charts

8 INDUSTRY OVERVIEW On a global scale currently, natural gas constitutes close to an average of 24% of the primary energy consumption. However, in developing markets, namely, India and China the natural gas consumption is 9% and 5% respectively. This is a small percentage of their total primary energy consumption. As per forecast for the future, the main demand centers driving growth in natural gas will be these emerging economies. Due to their large growing population and relatively low per capita energy consumption, as compared to the industrialized world, an increased supply of energy will be required to support improving standards of living. As demand for energy grows, natural gas will play an increasingly important role in the worldwide energy mix because it is not only clean energy, but is also cost effective in the long run as compared to oil. In 2013, LNG production was at 242 MMT, a slight increase from the previous year. This represents about 85% nameplate capacity utilization in the LNG industry. Global LNG Demand: 2013 In 2013, 10 new regas terminals were commissioned, of which, there are three in China and two in India. Three new LNG importers entered the market in 2013, Israel, Singapore and Malaysia. Region wise increase On the demand side, the growth in Japan s demand for LNG now has now stabilized with the country importing 87.5 MMT, almost the same as last year. Japan has reached it capacity limit with regard to total LNG it can import and consume, based on the number of gas power plants and existing LNG storage capacity. In South Korea, there was a power shortage that stemmed from safety issues at some of their nuclear power plants. The closure of the plants led to power shortage and the country required additional imports of LNG. In 2013, Korea imported about 40 MMT of LNG, 10% higher than the previous year. This year, 3 new regas

9 terminals were commissioned in China. As a result, China also increased its imports of LNG by 20% to about 18 MMT. Global Outlook: 2014 In 2013, growth in LNG production was flat, as a consequence, so was LNG trade is projected to remain the same, as scanty new supply is due to be commissioned. Post 2014, LNG trade will experience healthy growth. There is a wave of new supply expected from multiple projects, mainly in Australia. Around 60 MMTPA of new capacity is currently under construction or commissioning in Australia, with an additional 7 MMTPA from Papua New Guinea LNG Scenario in India The macro economic scenario in India is a challenge for the domestic energy industry. The GDP growth rate for 2013/14 is estimated at 4.8%. The GDP growth for 2014/15 is forecasted to rise above 6% and reach 7% by Therefore, despite the current slowdown, the medium and long-term trajectory for the Indian economy seems to be positive. According to the International Energy Agency s World Energy Outlook, it has been forecasted that India s economy will achieve a GDP average real growth rate of 6.4% by This will surpass China s growth in the same time period. As a consequence, the primary energy consumption of India will grow the fastest as compared to the rest of the world. The growth in demand for natural gas is estimated to be 5.4% as compared to that for oil at 3.6%. These projections show that gas is expected to play a major role in India s energy basket in the future. OUTLOOK AND CONCLUSION At the current market price of Rs , the stock P/E ratio is at x FY15E and x FY16E respectively. Earning per share (EPS) of the company for the earnings for FY15E and FY16E is seen at Rs.9.97 and Rs respectively. Net Sales of the company is expected to grow at a CAGR of 20% over 2013 to 2016E respectively. On the basis of EV/EBITDA, the stock trades at 8.35 x for FY15E and 7.54 x for FY16E. Price to Book Value of the stock is expected to be at 2.33 x and 2.04 x respectively for FY15E and FY16E. We recommend BUY in this particular scrip with a target price of Rs for Medium to Long term investment.

10 Disclaimer: This document prepared by our research analysts does not constitute an offer or solicitation for the purchase or sale of any financial instrument or as an official confirmation of any transaction. The information contained herein is from publicly available data or other sources believed to be reliable but do not represent that it is accurate or complete and it should not be relied on as such. Firstcall India Equity Advisors Pvt. Ltd. or any of it s affiliates shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. This document is provide for assistance only and is not intended to be and must not alone be taken as the basis for an investment decision.

11 Firstcall India Equity Research: C.V.S.L.Kameswari Pharma U. Janaki Rao Capital Goods B. Anil Kumar Auto, IT & FMCG M. Vinayak Rao Diversified C. Bhagya Lakshmi Diversified B. Vasanthi Diversified Firstcall India also provides Firstcall India Equity Advisors Pvt.Ltd focuses on, IPO s, QIP s, F.P.O s,takeover Offers, Offer for Sale and Buy Back Offerings. Corporate Finance Offerings include Foreign Currency Loan Syndications, Placement of Equity / Debt with multilateral organizations, Short Term Funds Management Debt & Equity, Working Capital Limits, Equity & Debt Syndications and Structured Deals. Corporate Advisory Offerings include Mergers & Acquisitions(domestic and cross-border), divestitures, spin-offs, valuation of business, corporate restructuring-capital and Debt, Turnkey Corporate Revival Planning & Execution, Project Financing, Venture capital, Private Equity and Financial Joint Ventures Firstcall India also provides Financial Advisory services with respect to raising of capital through FCCBs, GDRs, ADRs and listing of the same on International Stock Exchanges namely AIMs, Luxembourg, Singapore Stock Exchanges and other international stock exchanges. For Further Details Contact: 3rd Floor,Sankalp,The Bureau,Dr.R.C.Marg,Chembur,Mumbai Tel. : / / Telefax : info@firstcallindiaequity.com

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