PLNG by factica

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									                                                                                             Regd off: World Trade Centre, 1st Flr, Babar Rd, Barakhamba Lane, New Delhi-1
PETRONET LNG LIMITED                                                                         E-Mail:    investors@petronetlng.com
                                                                                             Web site: www.petronetlng.com
                                                                                             Telephone: (011) 2341 3616 Fax: (011) 2341 4271
ENERGY SOURCES                                                      MISCELLANEOUS            Tr agent: Karvy Computershare, Vittal Rao Nagar, Hyderabad - 81
Chairman: R. S. Pandey                                                          SEC: R. K. Garg                                        AUD: V. Sankar Aiyar & Co.
Yr of Inc   B. Code       BL. Code     F.V.         Price        % ch 1-m       % ch 12-m      P/E       P/CF           Yield         Mkt cap               Vol.            ISIN
 1998   532522            PLNG:IN      10            73.0          3.0            23.7         10.6          8.8         2.4          54,712.5          1,875.0        INE347G01014
SHAREHOLDING                                                      FX Transaction (FY09)                              ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 50.0%                Exports (fob)          Rs m        0
Foreign collaborators      :   0.0%               Imports (cif)          Rs m 73,077                  (Rs)
Indian inst/Mut Fund       :   2.0%               Fx inflow              Rs m        6         160
FIIs/GDR                   :   9.4%               Fx outflow             Rs m 74,311                                                                        DAILY
Free float                 : 38.6%                Net fx                 Rs m -74,305
Shareholders               : 533,654                                                                                                                        100 DMA
                                                                                               120
                           No. of months                   12            12            12
                             Year ending             31/03/07      31/03/08      31/03/09
EQUITY SHARE DATA
                                                                                                80
High                                   Rs                  68            122            85
Low                                    Rs                  36              41           30
Sales per share                        Rs               73.5            87.4        112.4
Earnings per share                     Rs                4.2              6.3          6.9      40
Cash flow per share                    Rs                 5.5             7.7          8.3
Dividends per share                    Rs               1.25            1.50         1.75
Dividend yield (eoy)                   %                 2.4             1.8           3.0
                                                                                                 0
Book value per share                   Rs               17.0            21.6         26.4
Shares outstanding (eoy)               m             750.00           750.00       750.00        Aug-06              May-07           Feb-08               Nov-08           Aug-09
Bonus/Rights/Conversions                                    -               -            -
Price / Sales ratio                    x                  0.7             0.9          0.5                               No. of months                 12           12            12
Avg P/E ratio                          x                12.4            12.9           8.3                                 Year ending           31/03/07     31/03/08      31/03/09
                                                                                              CASH FLOW
P/CF ratio (eoy)                       x                  9.4           10.6           6.9
Price / Book Value ratio               x                  3.1             3.8          2.2    From Operations                         Rs   m       5,563            8,511      2,874
Dividend payout                        %                29.9            23.7         25.3     From Investments                        Rs   m      -4,900           -8,235     -4,726
Avg Mkt Cap                            Rs m           39,000          61,125       43,125     From Financial Activity                 Rs   m         236              -95      4,845
No. of employees                       `000            <500            <500         <500      Net Cashflow                            Rs   m         899              181      2,992
Total wages/salary                     Rs m              121             210          196
Avg. sales/employee                    Rs Th       229,541.7       268,659.8    329,246.1                                       INTERIM RESULTS
Avg. wages/employee                    Rs Th           504.2           860.7        765.6                                           2QFY09   3QFY09            4QFY09        1QFY10
Avg. net profit/employee               Rs Th        13,054.2        19,454.9     20,250.0     Net sales                   Rs    m    16,549   24,730            26,549        26,124
                                                                                              Gross profit                Rs    m     1,822    1,854             3,417         1,818
INCOME DATA                                                                                   Gross profit margin         %            11.0       7.5             12.9            7.0
Net Sales                              Rs     m        55,090         65,553       84,287     Net profit                  Rs    m     1,033    1,050             2,043         1,033
Other income                           Rs     m           366            536          765     Net profit margin           %              6.2      4.2               7.7           4.0
Total revenues                         Rs     m        55,456         66,089       85,052
Gross profit                           Rs     m         6,407          8,580        8,879                                           KEY DATA
Depreciation                           Rs     m         1,020          1,022        1,025     Parameters                          Unit              FY07            FY08       FY09
Interest                               Rs     m           997            942          879     Installed capacity                  MMTPA                5               5          5
Profit before tax                      Rs     m         4,756          7,152        7,740     Production                          MMTPA                6               6          6
Minority Interest                      Rs     m              0              0            0    LNG Purchased                       TBTU               293             324        333
Prior Period Items                     Rs     m              0              0            0    RLNG Sold                           TBTU               287             322        321
Extraordinary Inc (Exp)                Rs     m              0              0            0    Capacity utilisation                %                  112             126        126
Tax                                    Rs     m         1,623          2,405        2,556
                                                                                                                                     NOTES
Profit after tax                       Rs     m         3,133          4,747        5,184
Gross profit margin                    %                 11.6           13.1         10.5    Petronet LNG (PLL) is promoted by BPCL, ONGC, GAIL and IOC. It is engaged in
Effective tax rate                     %                 34.1           33.6         33.0    the business of regasification of LNG. The strategic location of its Dahej terminal
                                                                                             helps to satisfy the enormous demand from power, fertilizer and other users located
Net profit margin                      %                   5.7            7.2          6.2
                                                                                             in western, central and northern India. PLL has a single source of long-term LNG
BALANCE SHEET DATA                                                                           supply - RasGas and only three off-takers- GAIL, IOC and BPCL. It supplements
                                                                                             supplies with spot cargoes and is scouting for them from Algeria, Oman, Abu Dhabi
Current assets                         Rs m            10,883          8,507       18,097    and Egypt.
Current liabilities                    Rs m             5,877          5,619        8,922
Net working cap to sales               %                   9.1            4.4        10.9    In FY09, Petronet LNG clocked sales volume of 321 trillion British thermal units
Current ratio                          x                   1.9            1.5          2.0   (tBtu), marginally lower than FY08 sales. Petronet recently doubled the capacity of its
Inventory Turnover                     Days                 14              5          17    Dahej terminal to 10 m tonnes per annum (mtpa). It is building another 2.5 m tonnes
Debtors Turnover                       Days                22             19           29    a year plant at Kochi. The company gets 5 m tonnes a year from RasGas under a
Net fixed assets                       Rs m            21,273         26,293       33,156    long-term LNG deal and that will be raised to 7.5 m tonnes from the last quarter of
Share capital                          Rs m             7,500          7,500        7,500    2009. It will receive 6 additional cargoes from RasGas this year in addition to the
"Free" reserves                        Rs m             5,255          8,685       12,334    long-term and short-term contracts. It has also been trying to procure supplies from
                                                                                             Australia's Gorgon project and from Papua New Guinea.
Net worth                              Rs m            12,755         16,185       19,834
Long term debt                         Rs m            13,707         15,776       22,817    The availability of domestic natural gas is expected to go up in the long term.
Total assets                           Rs m            34,936         40,273       54,295    Imported LNG is a more expensive option compared to domestic natural gas
Interest coverage                      x                   5.8            8.6          9.8   transported by pipeline. However, LNG will remain an attractive option if the timing
Debt to equity ratio                   x                   1.1            1.0          1.2   and quantum of new domestic supplies spreads out over the next few years giving
Sales to assets ratio                  x                   1.6            1.6          1.6   sufficient time for domestic demand to catch up. Moreover, the company plans to
Return on assets                       %                 15.6           17.8         14.2    import only if it has back-to-back sell agreements.
Return on equity                       %                 24.6           29.3         26.1
Return on capital                      %                 21.7           25.3         20.2
Exports to sales                       %                   0.0            0.0          0.0
Imports to sales                       %                 84.4           82.7         86.7
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