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Motilal Oswal Report
Our recent interaction with Petronet LNG Ltd. and GAIL India Ltd. highlight that there could be some further delay in commissioning of the Kochi-Mangalore pipeline due to technical difficulties.
Thus, according to the revised guidance, the pipeline is expected to be completed by end-CY20.
This could impact capacity utilisation assumptions for the Kochi terminal in Q3 FY21 (revised down from 30% to 21%, resulting in marginal earning per share cut of 3% for FY21).
The Dahej and Kochi terminals are operating at pre-Covid-19 levels since the first week of June 2020.
This is due to higher gas offtake from sectors like fertilisers and power, which are the clear leaders, while city gas distribution is a laggard.
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