Petronet LNG Running out of Gas PhillipCapital (India) Pvt. Ltd OIL & GAS: Company Update 28 July 2014
PLNG’s stock has appreciated ~75% from its lows on account of improved visibility on utilization of Dahej terminal (back‐to‐back contracts for Downgrade to NEUTRAL 14.5MMTPA volumes and likely ONGC contract for replacement of C2‐C3 of PLNG IN | CMP RS 184 ~0.9MMTPA) and correction in spot LNG prices to ~US$11/mmbtu (fell 20% TARGET RS 170 (‐8%) QoQ). While some hold Kochi terminal’s utilization rate could improve following any early resolution of the entangled pipeline, that would evacuate Company Data LNG from Kochi, we highlight with GAIL having already taken a write off, any O/S SHARES (MN) : 750 MARKET CAP (RSBN) : 138 amicable solution could take longer. Besides, our estimates fully captures MARKET CAP (USDBN) : 2.3 medium term upsides with 2/3/4.1 MMTPA in FY17‐19E, this coupled with 52 ‐ WK HI/LO (RS) : 190 / 103 expensive valuations turns risk‐reward unfavorable. We believe the current LIQUIDITY 3M (USDMN) : 5.9 FACE VALUE (RS) : 10 valuations are demanding and factors in all near term positives leaving little room for upside from current levels (EV/CE ~1.5x FY16). Thus, we downgrade Share Holding Pattern, % PROMOTERS : 50.0 our recommendation to ‘NEUTRAL’ from ‘BUY’ with a revised price target of FII / NRI : 32.6 Rs170/share (as we roll forward estimates to FY16 (Rs159/share earlier)). FI / MF : 3.3 NON PROMOTER CORP. HOLDINGS : 1.7 Cut utilization rate for Kochi terminal, tanker leasing unlikely to add PUBLIC & OTHERS : 12.5 significantly to earnings: As GAIL continues to face a host of issues in laying its Price Performance, % natural gas pipeline from Kochi to Mangalore and lack of solution for the same in 1mth 3mth 1yr ABS 1.5 31.1 49.2 the near term in sight, we cut our utilisation rate assumption for the Kochi REL TO BSE ‐1.7 16.0 17.2 terminal. Against our earlier estimates of 6%/20% for FY15‐FY16 we now lower Price Vs. Sensex (Rebased values) our estimates to 2%/7.5% respectively. Southern India, being a new market, will take a longer lead time to scale up volumes, but the business case for gas as a 270 market remains solid and we expect Kochi terminal capacity utilization to rise to 240 210 ~95% over the long term (FY2020 onwards). The recent management decision to 180 lease the LNG terminal at Kochi does not add to profitability on significant basis. 150 As per our calculations, the likely earnings from the leasing of LNG storage tank 120 are likely to be around Rs200‐300mn per annum (~2% of the current PBT 90 estimates for FY16). 60 30 FY15E flat earnings ‐ our estimates below street: Despite the estimate of higher Apr/10 Apr/11 Apr/12 Apr/13 Apr/14 Petronet LNG BSE Sensex than anticipated volumes processed from Dahej terminal, PLNG’s earnings are unlikely to see a material increase from core operations excluding marketing Source: Phillip Capital India Research margins in FY15E. We estimate PLNG’s EPS for FY15/FY16 at Rs 9.9/12.1/share. Other Key Ratios The Bloomberg consensus earrings for the respective years stand higher at Rs mn FY14E FY15E FY16E 377,476 440,752 448,623 Rs10.4/share and Rs12.6/share. Thus, the subdued volume growth at Kochi is yet Net Sales Ebidta 14,984 17,903 20,019 to be discounted in the current fiscal estimates. Moreover, any surprise in Net Profit 7,119 7,426 9,041 earnings is likely to be driven by marketing margins, which was not ascribed a EPS, Rs 9.5 9.9 12.1 multiple in past by the investors. PER, X 19.4 18.6 15.3 EV/EBIDTA, x 10.5 9.0 7.9 EV/Net Sales, x 2.8 2.5 2.2 Valuation & Outlook: On FY16E, there seems to be a limited upside at ~15x P/E, ROE, % 14.3 13.4 14.6 1.2x EV/GCI and 1.5x EV/CE. Our DCF based price target of Rs170/share (8% Debt/Equity, % 64.1 66.0 63.9 downside from CMP) adequately captures the medium term earnings potential. Source: PhillipCapital India Research Est.
We believe, on account of rich valuations +2SD (std deviation) 1‐year forward PE Gauri Anand (+ 9122 66679943) and more than +1SD in case of EV/Core EBITDA leaves limited scope for further [email protected] upsides in the near term. We downgrade the stock from ‘BUY’ to ‘NEUTRAL’ with Deepak Pareek (+ 9122 6667 9950) a revised price target of Rs170/share on rollover to FY16 (Rs159/share earlier). [email protected]
Please refer to Disclosures and Disclaimers at the end of the Research Report. 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG COMPANY UPDATE
Key Arguments
Cut utilization rate for Kochi terminal, tanker leasing unlikely to add significantly to earnings
As GAIL continues to face a host of issues in laying its natural gas pipeline from Kochi to Mangalore and lack of solution for the same in the near term in sight, we cut our utilisation rate assumption for the Kochi terminal. Against our earlier estimates of 6%/20% for FY15‐FY16 we now lower our estimates to 2%/7.5% respectively. Southern India, being a new market, will take a longer lead time to scale up volumes, but the business case for gas as a market remains solid and we expect Kochi terminal capacity utilization to rise to ~95% over the long term (FY2020 onwards). However, the low capacity utilisation at the Kochi is likely to act as drag on the earnings on the medium term.
The recent management decision to lease the LNG terminal at Kochi does not add to profitability on significant basis. Russia's Gazprom and U.S.‐based Excelerate Energy are among the companies that have shown interest in leasing the storage at Kochi terminal. We believe, the storage capacity is likely to be used by the contracting company to benefit from the swings in the LNG prices. Thus the company will be storing the LNG during slack period, which is likely to be sold in high demand season. Assuming the turnaround volume multiple of 2x annually, the earnings sensitivity for Petronet is US$0.5‐0.7/mmbtu. As per our calculations, the likely earnings from the leasing of LNG storage tank are likely to be around Rs200‐300mn per annum (~2% of the current PBT estimates for FY16).
Likely Earnings for Petronet from Kochi Storage tank leasing Particulars Number of Tankers leased 1.0 1.0 1.0 Total capacity of tank(LNG) cubic meters 182,000 182,000 182,000 Total capacity of tank (Natural Gas) cubic meters 106,432,749 106,432,749 106,432,749 Total capacity of tank (Natural Gas) mmbtu 3,831,579 3,831,579 3,831,579 Turnaround multiple for a tank 2.0 2.0 2.0 Total Natural Gas moved (mmbtu) 7,663,158 7,663,158 7,663,158 Likely margin to PLNG on volumes 0.5 0.6 0.7 Likely Leasing earnings from store tank (Rs mn) 230 276 322 Source: Company, PhillipCapital India Research
Recent news reports have suggested that PMO is actively looking into the problems faced by the GAIL in southern India pipeline expansion. With regard to the same, PMO has sought Petroleum Ministry's comments on a request made by Chemical Industries Association asking GAIL to withdraw the court case filed in Madras High Court against the Tamil Nadu government with regard to its Kochi‐Mangalore pipeline project. In its letter to the PMO, the Chemical Industries Association has noted that the pipeline is critical for economic and industrial development in the state but has blamed GAIL for initiating arbitration against the state government. Given the legal entanglement of the issue, amicable solution could take longer. Moreover, there is lack of any milestone with regards to likely resolution of the issue.
– 2 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG COMPANY UPDATE
Lack of near term earnings growth
Despite the estimate of higher than anticipated volumes processed from Dahej terminal, PLNG’s earnings are unlikely to see a material increase from core operations excluding marketing margins. With full impact of depreciation and interest for the Kochi terminal likely to be visible in current fiscal, the earnings gains from Dahej jetty expansion is likely to be offset.
We expect PLNG’s EPS for FY15‐FY16 to stand at Rs9.9/share and Rs12.1/share. The Bloomberg consensus earrings for the respective years stand higher at Rs10.4/share and Rs12.6/share. Thus, the subdued volumes growth at Kochi is yet to be discounted in the current fiscal estimates. Moreover, any surprise in earnings is likely to be driven by marketing margins, which was not ascribed a multiple in past by the investors.
EBITDA composition
Core EBITDA EBITDA from marketing margins 120.0%
100.0% 9.8% 26.4% 21.6% 24.2% 19.8% 80.0% 32.2%
60.0% 90.2% 40.0% 78.4% 80.2% 73.6% 67.8% 75.8% 20.0%
0.0% FY2011 FY2012 FY2013 FY2014 FY2015E FY2016E Source: Company, PhillipCapital India Research
PAT composition
120% Core PAT Marketing earnings 100% 13% 14% 80% 31% 34% 34% 34%
60%
40% 87% 86% 69% 66% 66% 66% 20%
0% FY11 FY12 FY13 FY14 FY15E FY16E
Source: Company, PhillipCapital India Research
– 3 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG COMPANY UPDATE
Outlook and Valuation
While, PLNG’s utility nature of business (stable regasification margins and term contracts), low regulatory risks (regasification margins are not currently under PNGRB’s purview) and expanding volumes on account of strong demand estimates, hold it in good stead, its valuations have turned expensive. We believe, on account of rich valuations +2SD (std deviation) 1‐year forward PE and more than +1SD in case of EV/Core EBITDA leaves limited scope for further upsides in the near term. We downgrade the stock from ‘BUY’ to ‘NEUTRAL’ with a revised price target of Rs170/share on rollover to FY16 (Rs159/share earlier).
One‐year forward rolling PE of PLNG
20.0 +2 Std dev 18.0 16.0 14.0 12.0 Avg 10.0 8.0 6.0 4.0 ‐2 Std dev 2.0 0.0 13 12 11 10 09 08 07 06 05 14 13 12 11 10 09 08 07 06 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jun Jun Jun Jun Jun Jun Jun Jun Jun Dec Dec Dec Dec Dec Dec Dec Dec Dec
Source: Company, PhillipCapital India Research
One‐year forward rolling EV/Core EBITDA of PLNG
14 (x) +1 Std Dev 12
10
8 Avg
6
4 ‐1 Std Dev
2 06 07 08 09 10 11 12 13 14 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ Jun Jun Jun Jun Jun Jun Jun Jun Jun
Source: Company, PhillipCapital India Research
Key stock price triggers Particulars Expected Time period Expectation Impact Clarity on commissioning of the Kochi‐Mangalore Land acquisition by June‐14 , Neutral Likely to bring connectivity with potential offtake of pipeline completion by end of FY15 1.5MMTPA (MRPL,MCF, KSEB,Kannur power) Clarity on commissioning of the Kochi‐ Supreme court stay on land Neutral Clarity over the said pipeline would result in increased Bangalore pipeline acquisition leading to delay confidence towards faster ramp‐up of Kochi terminal New Urea Investment policy Unknown Positive Boosts LNG demand in the country Reforms for gas based power projects Unknown Positive Boosts LNG demand in the country Source: Company, PhillipCapital India Research
– 4 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG COMPANY UPDATE
Key Assumptions Y/e March FY09 FY10 FY11 FY12 FY13 FY14 FY15E FY16E FY17E Dahej Installed Capacity (MMTPA) 5.0 10.0 10.0 10.0 10.0 10.0 12.3 12.3 12.3 Dahej volumes processed (TBTU) 325 405 444 551 528 499 556 591 612 Dahej Volumes processed (MMTPA) 6.4 7.9 8.7 10.8 10.3 9.8 10.9 11.6 12.0 Dahej Regasification charges (Rs. per mmbtu) 29.2 30.6 32.2 33.8 35.5 37.2 39.1 41.0 42.6 Marketing charges (Rs per mmbtu) 26.5 (8.0) 34.6 46.7 57.5 52.5 55.0 55.0 16.0 Kochi volumes processed (TBTU) ‐ ‐ ‐‐‐5.2 5.2 19.6 104.5 Total Volumes processed (MMTPA) ‐ ‐ ‐‐‐0.1 0.1 0.4 2.1 Regasification charges (Rs. per mmbtu) ‐ ‐ ‐‐‐62.5 65.6 65.6 65.6 Source: Company, PhillipCapital India Research
Key risk
• Further delays in land acquisition and RoU for southern grid pipelines • Delay in execution of the capacity expansion at Dahej • Regulatory intervention on the tariffs
– 5 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG COMPANY UPDATE
Financials
Income Statement Cash Flow Y/E Mar, Rs mn FY13 FY14E FY15E FY16E Y/E Mar, Rs mn FY13 FY14E FY15E FY16E Net sales 314,674 377,476 440,752 448,623 Pre‐tax profit 17,203 10,545 11,120 13,538 Growth, % 39 20 17 2 Depreciation 1,866 3,081 4,497 4,658 Total income 314,674 377,476 440,752 448,623 Chg in working capital 5,194 ‐7,559 2,479 ‐21 Raw material expenses ‐293,050 ‐358,424 ‐418,134 ‐423,312 Total tax paid ‐5,430 ‐1,806 ‐3,398 ‐4,137 Employee expenses ‐370 ‐466 ‐480 ‐528 Cash flow from operating activities 18,833 4,261 14,698 14,038 Other Operating expenses ‐2,819 ‐3,601 ‐4,235 ‐4,764 Capital expenditure ‐10,635 ‐7,647 ‐15,700 ‐8,900 EBITDA (Core) 18,436 14,984 17,903 20,019 Cash flow from investing activities ‐10,635 ‐7,647 ‐15,700 ‐8,900 Growth, % 0.8 (18.7) 19.5 11.8 Free cash flow 8,197 ‐3,386 ‐1,002 5,138 Margin, % 5.9 4.0 4.1 4.5 Equity raised/(repaid) 9,299 5,364 5,422 6,736 Depreciation ‐1,866 ‐3,081 ‐4,497 ‐4,658 Debt raised/(repaid) ‐3,158 4,783 4,500 3,188 EBIT 16,570 11,903 13,406 15,361 Dividend (incl. tax) ‐2,179 ‐1,743 ‐2,005 ‐2,306 Growth, % 0.7 (28.2) 12.6 14.6 Cash flow from financing activities 3,962 8,403 7,917 7,618 Margin, % 5.3 3.2 3.0 3.4 Net chg in cash 12,160 5,018 6,915 12,755 Interest paid ‐1,184 ‐2,196 ‐3,286 ‐3,372 Other Non‐Operating Income 1,817 838 1,000 1,550 Valuation Ratios Pre‐tax profit 17,203 10,545 11,120 13,538 FY13 FY14E FY15E FY16E Tax provided ‐5,710 ‐3,426 ‐3,694 ‐4,497 Per Share data Profit after tax 11,493 7,119 7,426 9,041 EPS (INR) 15.3 9.5 9.9 12.1 Net Profit 11,493 7,119 7,426 9,041 Growth, % 8.7 (38.1) 4.3 21.7 Growth, % 8.7 (38.1) 4.3 21.7 Book NAV/share (INR) 59.3 66.5 73.7 82.7 Net Profit (adjusted) 11,493 7,119 7,426 9,041 FDEPS (INR) 15.3 9.5 9.9 12.1 Unadj. shares (m) 750 750 750 750 CEPS (INR) 17.8 13.6 15.9 18.3 Wtd avg shares (m) 750 750 750 750 CFPS (INR) 22.7 4.6 18.3 16.7 DPS (INR) 2.5 2.0 2.3 2.6 Balance Sheet Return ratios Y/E Mar, Rs mn FY13 FY14E FY15E FY16E Return on assets (%) 12.1 7.4 7.4 7.9 Cash & bank 12,685 12,327 13,821 19,840 Return on equity (%) 25.8 14.3 13.4 14.6 Debtors 16,898 20,157 23,460 23,780 Return on capital employed (%) 16.9 10.5 10.3 10.9 Inventory 10,366 9,557 11,123 11,275 Turnover ratios Loans & advances 2,596 4,237 4,237 4,237 Asset turnover (x) 5.3 5.6 5.7 5.3 Total current assets 42,546 46,278 52,641 59,132 Sales/Total assets (x) 3.1 3.3 3.4 3.2 Investments 1,399 1,399 1,399 1,399 Sales/Net FA (x) 5.0 5.5 5.7 5.3 Gross fixed assets 35,796 77,944 90,448 90,448 Working capital/Sales (x) (0.0) 0.0 (0.0) (0.0) Less: Depreciation ‐12,217 ‐15,298 ‐19,795 ‐24,453 Receivable days 19.6 19.5 19.4 19.3 Add: Capital WIP 43,305 8,804 12,000 20,900 Working capital days (6.2) 2.1 (0.2) (0.2) Net fixed assets 66,884 71,450 82,653 86,895 Liquidity ratios Total assets 110,828 119,127 136,692 147,426 Current ratio (x) 1.2 1.5 1.3 1.5 Quick ratio (x) 0.9 1.2 1.1 1.2 Current liabilities 35,239 31,771 39,119 39,570 Interest cover (x) 14.0 5.4 4.1 4.6 Total current liabilities 35,239 31,771 39,119 39,570 Dividend cover (x) 6.1 4.7 4.3 4.6 Non‐current liabilities 31,092 37,495 42,290 45,837 Total debt/Equity (%) 61.1 64.1 66.0 63.9 Total liabilities 66,331 69,266 81,409 85,407 Net debt/Equity (%) 32.6 39.4 41.0 31.9 Paid‐up capital 7,500 7,500 7,500 7,500 Valuation Reserves & surplus 36,997 42,361 47,783 54,519 PER (x) 12.0 19.4 18.6 15.3 Shareholders’ equity 44,497 49,861 55,283 62,019 PEG (x) ‐ y‐o‐y growth 1.4 (0.5) 4.3 0.7 Total equity & liabilities 110,828 119,127 136,692 147,426 Price/Book (x) 3.1 2.8 2.5 2.2 Source: Company, PhillipCapital India Research Estimates Yield (%) 1.4 1.1 1.3 1.4 EV/Net sales (x) 0.5 0.4 0.4 0.4 EV/EBITDA (x) 8.3 10.5 9.0 7.9 EV/EBIT (x) 9.2 13.2 12.0 10.3
– 6 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG QUARTERLY UPDATE
Recommendation History
200 B (TP 190)
B (TP 170) 150 B (TP 150) B (TP 212) B (TP 150) B (TP 160) B (TP 177) B (TP 195) B (TP 158)
B (TP 155) 100 B (TP 157)
50 1/3/2011 6/27/2011 12/22/2011 6/12/2012 12/5/2012 5/29/2013 11/21/2013 5/19/2014
Source: PhillipCapital India Research
– 7 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG QUARTERLY UPDATE
Management Vineet Bhatnagar (Managing Director) (91 22) 2300 2999 Jignesh Shah (Head – Equity Derivatives) (91 22) 6667 9735
Research Automobiles Engineering, Capital Goods Pharma Dhawal Doshi (9122) 6667 9769 Ankur Sharma (9122) 6667 9759 Surya Patra (9122) 6667 9768 Priya Ranjan (9122) 6667 9965 Hrishikesh Bhagat (9122) 6667 9986 Retail, Real Estate Banking, NBFCs Infrastructure & IT Services Abhishek Ranganathan, CFA (9122) 6667 9952 Manish Agarwalla (9122) 6667 9962 Vibhor Singhal (9122) 6667 9949 Neha Garg (9122) 6667 9996 Sachit Motwani, CFA, FRM (9122) 6667 9953 Varun Vijayan (9122) 6667 9992 Paresh Jain (9122) 6667 9948 Technicals Midcap Subodh Gupta, CMT (9122) 6667 9762 Consumer, Media, Telecom Vikram Suryavanshi (9122) 6667 9951 Naveen Kulkarni, CFA, FRM (9122) 6667 9947 Production Manager Vivekanand Subbaraman (9122) 6667 9766 Metals Ganesh Deorukhkar (9122) 6667 9966 Manish Pushkar, CFA (9122) 6667 9764 Dhawal Doshi (9122) 6667 9769 Database Manager Cement Oil&Gas, Agri Inputs Vishal Randive (9122) 6667 9944 Vaibhav Agarwal (9122) 6667 9967 Gauri Anand (9122) 6667 9943 Deepak Pareek (9122) 6667 9950 Sr. Manager – Equities Support Economics Rosie Ferns (9122) 6667 9971 Anjali Verma (9122) 6667 9969
Sales & Distribution Corporate Communications Kinshuk Bharti Tiwari (9122) 6667 9946 Sales Trader Zarine Damania (9122) 6667 9976 Ashvin Patil (9122) 6667 9991 Dilesh Doshi (9122) 6667 9747 Shubhangi Agrawal (9122) 6667 9964 Suniil Pandit (9122) 6667 9745 Kishor Binwal (9122) 6667 9989 Sidharth Agrawal (9122) 6667 9934 Execution Dipesh Sohani (9122) 6667 9756 Mayur Shah (9122) 6667 9945
Contact Information (Regional Member Companies)
SINGAPORE MALAYSIA HONG KONG Phillip Securities Pte Ltd Phillip Capital Management Sdn Bhd Phillip Securities (HK) Ltd 250 North Bridge Road, #06‐00 Raffles City Tower, B‐3‐6 Block B Level 3, Megan Avenue II, 11/F United Centre 95 Queensway Hong Kong Singapore 179101 No. 12, Jalan Yap Kwan Seng, 50450 Kuala Lumpur Tel (852) 2277 6600 Fax: (852) 2868 5307 Tel : (65) 6533 6001 Fax: (65) 6535 3834 Tel (60) 3 2162 8841 Fax (60) 3 2166 5099 www.phillip.com.hk www.phillip.com.sg www.poems.com.my JAPAN INDONESIA CHINA Phillip Securities Japan, Ltd PT Phillip Securities Indonesia Phillip Financial Advisory (Shanghai) Co. Ltd. 4‐2 Nihonbashi Kabutocho, Chuo‐ku ANZ Tower Level 23B, Jl Jend Sudirman Kav 33A, No 550 Yan An East Road, Ocean Tower Unit 2318 Tokyo 103‐0026 Jakarta 10220, Indonesia Shanghai 200 001 Tel: (81) 3 3666 2101 Fax: (81) 3 3664 0141 Tel (62) 21 5790 0800 Fax: (62) 21 5790 0809 Tel (86) 21 5169 9200 Fax: (86) 21 6351 2940 www.phillip.co.jp www.phillip.co.id www.phillip.com.cn THAILAND FRANCE UNITED KINGDOM Phillip Securities (Thailand) Public Co. Ltd. King & Shaxson Capital Ltd. King & Shaxson Ltd. 15th Floor, Vorawat Building, 849 Silom Road, 3rd Floor, 35 Rue de la Bienfaisance 6th Floor, Candlewick House, 120 Cannon Street Silom, Bangrak, Bangkok 10500 Thailand 75008 Paris France London, EC4N 6AS Tel (66) 2 2268 0999 Fax: (66) 2 2268 0921 Tel (33) 1 4563 3100 Fax : (33) 1 4563 6017 Tel (44) 20 7929 5300 Fax: (44) 20 7283 6835 www.phillip.co.th www.kingandshaxson.com www.kingandshaxson.com UNITED STATES AUSTRALIA SRI LANKA Phillip Futures Inc. PhillipCapital Australia Asha Phillip Securities Limited 141 W Jackson Blvd Ste 3050 Level 37, 530 Collins Street Level 4, Millennium House, 46/58 Navam Mawatha, The Chicago Board of Trade Building Melbourne, Victoria 3000, Australia Colombo 2, Sri Lanka Chicago, IL 60604 USA Tel: (61) 3 9629 8380 Fax: (61) 3 9614 8309 Tel: (94) 11 2429 100 Fax: (94) 11 2429 199 Tel (1) 312 356 9000 Fax: (1) 312 356 9005 www.phillipcapital.com.au www.ashaphillip.net/home.htm INDIA PhillipCapital (India) Private Limited No. 1, C‐Block, 2nd Floor, Modern Center , Jacob Circle, K. K. Marg, Mahalaxmi Mumbai 400011 Tel: (9122) 2300 2999 Fax: (9122) 6667 9955 www.phillipcapital.in
– 8 of 9 – 28 July 2014 / INDIA EQUITY RESEARCH / PETRONET LNG QUARTERLY UPDATE
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PhillipCapital (India) Pvt. Ltd. has three independent equity research groups: Institutional Equities, Institutional Equity Derivatives and Private Client Group. This report has been prepared by Institutional Equities Group. The views and opinions expressed in this document may or may not match or may be contrary at times with the views, estimates, rating, target price of the other equity research groups of PhillipCapital (India) Pvt. Ltd.
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