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Numbers Petronet LNG Ltd. were largely in line with our estimate, with volumes (of 218 trillion British thermal units) and utilization rates (Dahej / Kochi with 92% / 22%) equalized year-on-year in Q4 FY21.
The second wave of Covid-19 and more liquefied natural gas spot proved to be a double difficulty for the company as spot cargo was delayed due to lower consumption.
Dahej / Kochi operates with an utilization rate of ~ 88% / ~ 22% in Q1 FG22 to date.
Management expects the Kochi utilization rate to increase by ~ 30% by the end of FY22 (earlier guidelines of ~ 40%), while Dahei would continue to operate with over 95% due to tied contracts (16.5 million metric tons per year). 17.5 mmtpa).
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