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Citigroup maintains buy on Petronet LNG, raises target price to Rs 335

Buy Petronet LNG Ltd. at a price target of Rs 335.0 .|
Updated: Oct 31, 2019, 08.36 AM IST
Citigroup has maintained buy rating on Petronet LNG in the long term and revised target price to Rs 335 from Rs 305. The stock ended up 2.2% at Rs 285.35 on Wednesday while the BSE Sensex closed 220.03 points up at 40,051.87.

Company Financials

For the quarter ended 30-09-2019, the company has reported consolidated sales of Rs 9361.18 crore, up 8.68% from last quarter sales of Rs 8613.44 crore and down 12.88% from last year same quarter sales of Rs 10745.34 crore. The company has reported net profit after tax of Rs 1094.14 crore in the latest quarter.

Investment Rationale

The company's EBITDA in Q2 was 9% above estimates on significantly higher-than-expected Dahej volumes, said Citigroup. The company has again announced an interim dividend of Rs 5.5/ share, which is encouraging given some concerns on payouts due to inorganic capex plans, said Citigroup.

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