InCred Equities - Petronet LNG

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	527,293	536,043	668,496	678,272
Operating EBITDA (Rsm)	52,055	65,040	88,612	97,622
Net Profit (Rsm)	32,605	43,189	60,805	67,561
Core EPS (Rs)	21.7	28.8	40.5	45.0
Core EPS Growth	8.6%	32.5%	40.8%	11.1%
FD Core P/E (x)	13.75	10.38	7.37	6.64
DPS (Rs)	11.0	11.0	11.0	11.0
Dividend Yield	3.68%	3.68%	3.68%	3.68%
EV/EBITDA (x)	8.86	7.75	5.97	5.68
P/FCFE (x)	44.73	20.55	28.81	25.18
Net Gearing	7.4%	30.1%	35.1%	37.9%
P/BV (x)	2.58	2.43	1.96	1.61
ROE	20.0%	24.1%	29.4%	26.6%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	527,293	536,043	668,496	678,272
Gross Profit	62,652	77,467	103,220	114,831
Operating EBITDA	52,055	65,040	88,612	97,622
Depreciation And Amortisation	(7,766)	(7,842)	(7,842)	(7,842)
Operating EBIT	44,289	57,198	80,770	89,780
Financial Income/(Expense)	(2,897)	(2,897)	(2,897)	(2,897)
Pretax Income/(Loss) from Assoc.	400	400	400	400
Non-Operating Income/(Expense)	3,019	3,057	3,099	3,145
Profit Before Tax (pre-EI)	44,811	57,758	81,372	90,428
Exceptional Items
Pre-tax Profit	44,811	57,758	81,372	90,428
Taxation	(12,207)	(14,569)	(20,567)	(22,867)
Exceptional Income - post-tax
Profit After Tax	32,605	43,189	60,805	67,561
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	32,605	43,189	60,805	67,561
Recurring Net Profit	32,605	43,189	60,805	67,561
Fully Diluted Recurring Net Profit	32,605	43,189	60,805	67,561

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	52,055	65,040	88,612	97,622
Cash Flow from Invt. & Assoc.	3,419	3,457	3,499	3,545
Change In Working Capital	287	(2,323)	(6,247)	(1,476)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense
Other Operating Cashflow
Net Interest (Paid)/Received	(2,897)	(2,897)	(2,897)	(2,897)
Tax Paid	(13,040)	(14,454)	(20,405)	(22,687)
Cashflow From Operations	39,824	48,823	62,562	74,107
Capex	(23,400)	(40,600)	(60,600)	(69,900)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(400)	(400)	(400)	(400)
Other Investing Cashflow
Cash Flow From Investing	(23,800)	(41,000)	(61,000)	(70,300)
Debt Raised/(repaid)	(5,998)	14,000	14,000	14,000
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(16,500)	(16,500)	(16,500)	(16,500)
Preferred Dividends
Other Financing Cashflow
Cash Flow From Financing	(22,498)	(2,500)	(2,500)	(2,500)
Total Cash Generated	(6,474)	5,323	(938)	1,307
Free Cashflow To Equity	10,026	21,823	15,562	17,807
Free Cashflow To Firm	18,921	10,719	4,459	6,704

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	17,234	4,966	8,872	12,097
Total Debtors	36,261	35,697	43,917	50,701
Inventories	14,654	14,426	17,749	20,490
Total Other Current Assets	60,792	59,846	73,628	85,001
Total Current Assets	128,941	114,935	144,166	168,289
Fixed Assets	96,970	115,519	155,214	221,999
Total Investments	6,167	6,946	8,827	9,197
Intangible Assets	24	27	34	36
Total Other Non-Current Assets	23,129	26,051	33,108	34,492
Total Non-current Assets	126,289	148,543	197,184	265,723
Short-term Debt	4,117	6,590	7,249	7,974
Current Portion of Long-Term Debt
Total Creditors	28,650	18,066	22,242	22,272
Other Current Liabilities	8,816	9,697	10,667	11,734
Total Current Liabilities	41,582	34,354	40,159	41,980
Total Long-term Debt	25,964	53,964	81,964	109,964
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities
Total Non-current Liabilities	25,964	53,964	81,964	109,964
Total Provisions	13,583	14,476	14,638	14,818
Total Liabilities	81,129	102,793	136,760	166,761
Shareholders Equity	174,101	184,684	228,589	279,250
Minority Interests
Total Equity	174,101	184,684	228,589	279,250

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	(12.0%)	1.7%	24.7%	1.5%
Operating EBITDA Growth	7.2%	24.9%	36.2%	10.2%
Operating EBITDA Margin	9.9%	12.1%	13.3%	14.4%
Net Cash Per Share (Rs)	(8.56)	(37.06)	(53.56)	(70.56)
BVPS (Rs)	116.07	123.12	152.39	186.17
Gross Interest Cover	15.29	19.75	27.88	30.99
Effective Tax Rate	27.2%	25.2%	25.3%	25.3%
Net Dividend Payout Ratio	50.6%	38.2%	27.1%	24.4%
Accounts Receivables Days	25.85	24.50	21.73	25.46
Inventory Days	10.28	11.57	10.39	12.39
Accounts Payables Days	17.89	18.59	13.01	14.42
ROIC (%)	17.0%	19.1%	20.8%	17.7%
ROCE (%)	23.5%	26.1%	29.1%	25.5%
Return On Average Assets	14.4%	17.5%	20.8%	18.0%

(91) 2241611549 pratyush.kamal@incredresearch.com

(91) 22 4161 1598 abbas.punjani@incredresearch.com

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Market Data

Source: Bloomberg