Petronet lng ru4 qfy2010-290410

4QFY2010 Result Update I Oil & Gas
April 29, 2010

Petronet LNG ACCUMULATE
CMP Rs79
Performance Highlights Target Price Rs87
Petronet LNG reported lower-than-expected set of numbers for 4QFY2010 on Investment Period 12 Months
the back of lower re-gasification margins, absence of Spot volumes and
negligible Tolling volumes. Bottom-line, which registered a decline of 52.3% Stock Info
yoy to Rs97cr (Rs204cr), came in lower than our expectation of Rs135cr.
Sector Oil & Gas
Going ahead, we expect the demand for Spot gas to pick up on account of
rollout of GAIL’s pipeline network in 2HFY2011E. At Rs79, the stock is trading Market Cap (Rs cr) 5,903
at 12.4x FY2011E and 11.7x FY2012E Earnings. We maintain an Accumulate
Beta 0.8
on the stock, with a Target Price of Rs87.
52 WK High / Low 87/51
Absence of Spot volumes takes toll on performance: During 4QFY2010,
Petronet LNG reported 10.1% yoy decline in Revenues to Rs2,385cr Avg. Daily Volume 964168
(Rs2,655cr), which was much below our expectation on account of absence of Face Value (Rs) 10
costly Spot volumes. Volumes during the quarter stood at 91.8TBTU and were
much below our expectation of 123TBTUs. Volumes were higher by 11.3% yoy BSE Sensex 17,503
on account of commissioning of additional 2.5MMTPA of gas supplies from Nifty 5,254
Qatar, but were lower 3.7% qoq. Net re-gasification margins during the
quarter rose by 5.3% qoq to Rs26.3/mmbtu (Rs25/mmbtu), but was lower than Reuters Code PLNG.BO
our expectation on account of adjustment of Rs24cr of forex gain in Other
Bloomberg Code PLNG@IN
Income vis-à-vis Raw Material cost along with increased cost of internal
consumption of gas (on account of increase in fixed gas price due to increased Shareholding Pattern (%)
linkage with JCC Index). Net re-gasification margins on a yoy basis fell 46%
yoy to Rs26.3/mmbtu (Rs48.7/mmbtu). Gross Profit during the quarter fell by a Promoters 50.0
substantial 39.2% yoy to Rs244cr (Rs402cr) and was much lower than our MF/Banks/Indian FLs 7.5
expectation.
FII/NRIs/OCBs 20.9
Outlook and Valuation: Petronet LNG’s utility nature of business (stable Indian Public 21.6
Regasification Margins and term contracts), low Regulatory risks (Regasification
Margins are not currently under PNGRB’s purview), expanding Volumes Abs. (%) 3m 1yr 3yr
(commencement of Tranche-2 of Rasgas contract from January 2010) and
Sensex 7.0 53.5 25.8
subdued Spot LNG prices (on account of surplus LNG capacities) hold it in
good stead. At current levels, the stock is available at reasonable valuations of
PLNG 62.5 53.0 73.5
11.7x FY2012E EPS of Rs6.7. We maintain an Accumulate on the stock, with a
12-month DCF-based Target Price of Rs87.

Key Financials
Y/E March (Rs cr) FY2009 FY2010E FY2011E FY2012E
Net Sales 8,429 10,649 12,872 18,011
% chg 4.5 9.1 17.3 22.7
Net Profits 518 405 475 504
% chg 5.0 8.4 24.9 20.5
OPM (%) 10.7 7.9 8.2 6.1
EPS (Rs) 6.9 5.4 6.3 6.7
P/E (x) 11.4 14.6 12.4 11.7 Deepak Pareek
P/BV (x) 3.0 2.6 2.3 2.1 Tel: 022 – 4040 3800 Ext: 340
RoE (%) 28.8 19.2 19.9 18.8 E-mail: deepak.pareek@angeltrade.com
RoCE (%) 20.0 13.9 14.8 13.3
Amit Vora
EV/Sales (x) 0.9 0.7 0.7 0.5
Tel: 022 – 4040 3800 Ext: 322
EV/EBITDA (x) 8.0 9.1 7.9 8.2
E-mail: amit.vora@angeltrade.com
Source: Company, Angel Research

1
Please refer to important disclosures at the end of this report Sebi Registration No: INB 010996539

Petronet LNG I 4QFY2010 Result Update

Exhibit 1: 4QFY2010 Performance
Y/E March (Rs cr) 4QFY10 4QFY09 %chg FY10 FY09 %chg
Net Sales 2,385 2,655 (10.1) 10,649 8,429 26.3
COGS 2,141 2,253 (5.0) 9,665 7,376 31.0
other operating expenditure 42 60 (29.9) 138 152 (9.2)
EBITDA 202 342 (40.8) 846 901 (6.1)
EBITDA Margin (%) 8.5 12.9 7.9 10.7
Other Income 33 20 66.6 98 77 27.9
Depreciation 46 25 80.4 161 103 56.9
Interest 51 27 92.5 184 101 81.7
PBT 139 310 (55.2) 599 774 (22.6)
PBT Margin (%) 5.8 11.7 5.6 9.2
Total Tax 41 106 (60.9) 195 256 (23.8)
% of PBT 29.8 34.1 32.5 33.0
PAT 97 204 (52.3) 404 518 (22.0)
PAT Margin (%) 4.1 7.7 3.8 6.1

Volume, Top-line declines qoq despite commissioning of new 2.5MMTPA contract:
For 4QFY2010, Petronet’s R-LNG Volumes rose 11.3% yoy to 91.8TBTUs
(82.5TBTUs), which was much below our expectation of 123TBTUs. Volume growth
during the quarter on a yoy basis was supported by commissioning of additional
2.5MMTPA of gas supplies from Qatar on January 3, 2010. However, on a qoq
basis, volumes declined by 3.7% (95.2TBTU in 3QFY2010) on account of absence
of Spot volumes and negligible Tolling volumes due to lack of demand for imported
gas on account of lack of gas transmission capacity along with ramp up of domestic
gas production from KG-D6. Contractual Volumes during the quarter were higher
on a qoq basis at 90.8TBTUs (65TBTUs), while Spot Volumes were nil against
19.3TBTU registered in 3QFY2010. Tolling Volumes was also mere 0.97TBTU as
against substantial 10.9TBTU registered in 3QFY2010. On the Revenue front, the
company reported 10.1% yoy decline in Revenues to Rs2,385cr (Rs2,655cr), which
was much below our expectation of Rs3,414cr. Realisation during the quarter
registered a substantial decline of 18.6% yoy on account of Rupee appreciation
coupled with absence of Spot LNG imports.

Exhibit 2: R-LNG Volumes

100.0 90.8
90.0
80.0
67.5 67.8 65.0
70.0 63.2 62.4 64.2 64.0
60.3 61.0 58.3 61.0 60.1 63.0 62.7 62.0
60.0 51.8
50.0
TBTUs

40.0 36.1
30.2
30.0 25.0
19.2 19.0 21.6 17.0 19.5
20.0 12.0 13.1 14.5
8.6 7.2
10.0 3.2 1.0
0.0
1QFY07

2QFY07

3QFY07

4QFY07

1QFY08

2QFY08

3QFY08

4QFY08

1QFY09

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10

Contracted LNG Sales in TBTUs Spot cargo & Tolling volumes sales in TBTUs (Incl. RGPPL Gas)


April 29, 2010 2


Lower-than-expected Net Re-gasification Margins result in below par operating
performance: Net re-gasification margins during the quarter rose by 5.3% qoq to
Rs26.3/mmbtu (Rs25/mmbtu), but was lower than our expectation on account of
adjustment of Rs24cr of forex gain in Other Income vis-à-vis Raw Material cost
along with increased cost of internal consumption of gas (on account of increase in
fixed gas price due to increased linkage with JCC Index). Net re-gasification
margins on a yoy basis fell 46% yoy to Rs26.3/mmbtu (Rs48.7/mmbtu). On tolling
volumes, which were negligible (0.97TBTU) during the quarter, re-gasification
margins stood at substantial Rs57.5/mmbtu (Rs28.9/mmbtu in 3QFY2010).
Realisation during the quarter (excluding Tolling Volumes) registered a decline of
18.6% yoy (despite substantial increase in gas cost of firm contract to US
$5.1/mmbtu on linkage with JCC prices) on account of Rupee appreciation and
absence of imported Spot LNG yoy. Gross Profit during the quarter fell by
substantial 39.2% yoy to Rs244cr (Rs402cr) and was much lower than our
expectation. OPM contracted by 440bp yoy to 8.5% (12.9%) mainly due to lower
Re-gasification margins during the quarter. On sequential basis too, OPM
contracted by 94bp. EBITDA during the quarter registered a decline of 40.8% yoy
to Rs202cr (Rs342cr).

Exhibit 3: Operating Performance
400 16.0
14.7 12.9
350 15.0
13.2 12.8
12.8 12.9 14.0
300 12.3
11.7 13.0
250 11.0 11.0
10.5 12.0
7.5
Rs cr

200 11.0

%
7.0
150 10.0
9.3
9.0
100 8.5
8.0
50 7.4
7.0
0 6.0
1QFY07

2QFY07

3QFY07

4QFY07

1QFY08

2QFY08

3QFY08

4QFY08

1QFY09

2QFY09

3QFY09

4QFY09

1QFY10

2QFY10

3QFY10

4QFY10
Operating Profit Operating margins (RHS)

Depreciation, Interest costs increase: Depreciation during the quarter registered an
increase of 80.4% yoy to Rs46cr (Rs25cr) on account of capitalisation of the Dahej
terminal post its commissioning in July 2009. Similarly, Interest expenditure was
also higher by 92.5% yoy to Rs51cr (Rs27cr) on account of capitalisation of the
Dahej terminal and re-pricing of the Interest rate on domestic currency
denominated loan.

PAT declines 52.3%: On account of weak Operating performance along with the
increase in Depreciation and Interest expenditure, PBT during the quarter registered
a decline of 55.2% to Rs139cr (Rs310cr). Bottom-line during the quarter registered
a decline of 52.3% yoy to Rs97cr (Rs204cr) and was lower than our expectation of
Rs135cr, largely on account of lower-than-expected Volumes processed during the
quarter and lower Re-gasification margins. This was despite the 66.6% increase in
Other Income to Rs33cr (Rs20cr) and decrease in the effective Tax rate to 29.9%
(34.1%).

April 29, 2010 3


Exhibit 4: Netback margins Trend
Particulars 4QFY08 1QFY09 2QFY09 3QFY09 4QFY09 1QFY10 2QFY10 3QFY10 4QFY10

Realisation ( per TBTU) 219 211 221 291 322 272 300 262 262

Raw material cost (per TBTU) 188 182 192 265 273 251 275 237 236

Reported Netback margins 31.4 28.6 28.4 25.3 48.7 21.1 25.3 25.0 26.3

Outlook and Valuation

Though the company’s 4QFY2010 performance came in below our expectations, we
believe that it will deliver better set of numbers going ahead on account of increased
Spot LNG imports once GAIL’s pipeline capacity expansion gets completed in the
latter half of FY2011E.

On the Tariff front, we do not see significant risks emerging in the near future due to
absence of Regulatory interference. Nonetheless, we do not expect the trend of
annual escalation to continue. In fact, we have assumed a freeze on Re-gasification
Margins from CY2011E onwards on account of re-pricing of LNG following the
monthly alignment with JCC prices. Thus, there could be upsides to our estimates if
the annual hike in the Re-gasification Margins continues beyond the current
calendar year.

We believe that LNG is likely to be a key source of gas supplies in the medium term
on account of strong gas demand in the country. Hence, Petronet LNG is a proxy
play on the increasing gap between natural gas supplies and demand in the
country. However, there are some concerns over the long-term viability of LNG on
account of the expected steep increase in the domestic gas supplies going ahead.
But, given that some of the domestic sources of gas, viz. ONGC-KG gas and GSPC-
KG gas could witness delays due to execution slippages, the concerns could subside.
Moreover, we expect the domestic gas demand estimates to be revised upwards on
account of increasing pipeline connectivity to various regions. The government is
also making efforts to maintain long-term viability of LNG in the overall gas mix of
the country. The government could act on Mercados Energy Markets International’s
report regarding uniform domestic gas pricing. This move, if implemented, is likely
to increase marketability of R-LNG in the country.

Petronet has enhanced capacity of its Dahej terminal to 11.5MMTPA (6.5MMTPA
earlier). However, it has linkages of 7.5MMTPA for the same. The un-tied capacity of
4.0MMTPA (35% of installed capacity) is acting as an overhang on the stock
performance on the bourses. However, given the recent reports suggesting Qatar’s
proposal to increase LNG sales to India especially in light of surplus LNG capacities
globally, additional gas supplies to Petronet is possible going ahead. This in turn
could reduce the un-tied linkages and prove to be a strong re-rating trigger for the
stock.

Petronet LNG’s utility nature of business (stable Regasification Margins and term
contracts), low Regulatory risks (Regasification Margins are not currently under
PNGRB’s purview), expanding Volumes (commencement of Tranche-2 of Rasgas
contract from January 2010) and subdued Spot LNG prices (on account of surplus
LNG capacities) hold it in good stead. We have not assumed Marketing Margins on
Spot Volumes for FY2011E onwards. We have also not built in any upsides from
marketing of Spot Volumes. At current levels, the stock is available at reasonable
valuations of 11.7x FY2012E EPS of Rs6.7. We maintain an Accumulate on the
stock, with a 12-month DCF-based Target Price of Rs87.

April 29, 2010 4


Exhibit 5: One-year Forward P/E Band
140

120

100

Share Price (Rs)
80

60

40

20

0

Apr-05

Apr-06

Apr-07

Apr-08

Apr-09

Apr-10
Aug-05

Aug-06

Aug-07

Aug-08

Aug-09
Dec-05

Dec-06

Dec-07

Dec-08

Dec-09
Price 4.0x 7.0x 10.0x 13.0x 16.0x


April 29, 2010 5


Profit & Loss Statement (Rs cr)
Y/E March FY2007 FY2008 FY2009 FY2010E FY2011E FY2012E
Total operating income 5,509 6,555 8,429 10,649 12,872 18,011
% chg 19.0 28.6 26.3 20.9 39.9
Total Expenditure 4,861 5,689 7,527 9,803 11,821 16,904
Net Raw Materials 4,746 5,566 7,376 9,665 11,675 16,741
Personnel 12.1 21.0 19.6 20.4 22.2 27.7
Other 102.4 101.8 132.2 117.4 123.3 135.6
EBITDA 648.1 866.1 901.3 846.5 1,051.7 1,106.6
% chg 32.8 33.7 4.1 (6.1) 24.2 5.2
(% of Net Sales) 11.8 13.2 10.7 7.9 8.2 6.1
Depreciation& Amortisation 102.0 102.2 102.5 160.9 188.9 191.5
EBIT 546.0 764.0 798.8 685.6 862.7 915.1
% chg 41.0 39.9 4.6 (14.2) 25.8 6.1
(% of Net Sales) 9.9 11.7 9.5 6.4 6.7 5.1
Interest & other Charges 107.0 102.4 101.2 183.9 242.1 245.1
Other Income 36.6 53.6 76.5 97.8 90.0 85.0
(% of PBT) 7.7 7.5 9.9 16.3 12.7 11.3
Recurring PBT 475.6 715.2 774.0 599.5 710.6 755.0
% chg 61.2 50.4 8.2 (22.6) 18.5 6.2
Extraordinary Expense/(Inc.) - - - - - -
PBT (reported) 475.6 715.2 774.0 599.5 710.6 755.0
Tax 162.3 240.5 255.6 195.0 236.1 250.8
(% of PBT) 34.1 33.6 33.0 32.5 33.2 33.2
PAT (reported) 313.3 474.7 518.4 404.5 474.6 504.2
ADJ. PAT 313.3 474.7 518.4 404.5 474.6 504.2
% chg 60.7 51.5 9.2 (22.0) 17.3 6.2
(% of Net Sales) 5.7 7.2 6.2 3.8 3.7 2.8
Basic EPS (Rs) 4.2 6.3 6.9 5.4 6.3 6.7
Fully Diluted EPS (Rs) 4.2 6.3 6.9 5.4 6.3 6.7
% chg 51.5 9.2 (22.0) 17.3 6.2

April 29, 2010 6


Balance Sheet (Rs cr)
SOURCES OF FUNDS
Equity Share Capital 750.0 750.0 750.0 750.0 750.0 750.0
Preference Capital - - - - - -
Reserves& Surplus 526 869 1,233 1,484 1,782 2,083
Shareholders Funds 1,276 1,619 1,983 2,234 2,532 2,833
Minority Interest - - - - - -
Total Loans 1,383 1,578 2,282 2,772 3,472 4,172
Deferred Tax Liability 247.2 269.2 272.2 326.2 361.6 399.2
Total Liabilities 2,906 3,465 4,537 5,332 6,366 7,404
APPLICATION OF FUNDS
Gross Block 1,946 1,972 1,975 3,619 3,669 3,719
Less: Acc. Depreciation 302 404 506 667 856 1,048
Net Block 1,644 1,568 1,469 2,952 2,813 2,671
Capital Work-in-Progress 483 1,061 1,847 983 1,983 2,983
Goodwill - - - - - -
Investments 278.0 547.3 304.3 304.3 304.3 304.3
Current Assets 1,088 1,148 1,810 2,068 2,434 3,071
Cash 340.5 358.6 657.8 643.2 734.8 727.5
Loans & Advances 205.1 360.9 78.3 78.3 78.3 78.3
Other 543 428 1,074 1,346 1,621 2,265
Current liabilities 588 859 892 974 1,168 1,625
Net Current Assets 501 289 917 1,093 1,266 1,446
Mis. Exp. not written off - - - - - -
Total Assets 2,906 3,465 4,537 5,332 6,366 7,404

Cash Flow Statement (Rs cr)
Profit before tax 475.6 715.2 774.0 599.5 710.6 755.0
Depreciation 102.0 102.2 102.5 160.9 188.9 191.5
Change in Working
(70.9) 158.9 (338.4) (190.4) (80.8) (187.5)
Capital
Less: Other income 2.4 (50.1) (73.1) (97.8) (90.0) (85.0)
Direct taxes paid (52.5) (169.3) (265.6) (141.0) (200.6) (213.2)
Cash Flow from
456.6 756.8 199.4 331.1 528.1 460.9
Operations
(Inc.)/ Dec. in Fixed Assets (366.6) (604.3) (788.3) (780.0) (1,050.0)
(1,050.0)
(Inc.)/ Dec. in Investments (106.0) (260.6) 246.2 - - -
Other income (17.5) 41.4 69.5 97.8 90.0 85.0
Cash Flow from Investing (490.0) (823.5) (472.6) (682.2) (960.0) (965.0)
Issue of Equity - - - - - -
Inc./(Dec.) in loans 123.3 194.4 704.1 490.0 700.0 700.0
Dividend Paid (Incl. Tax) - (109.7) (131.6) (153.6) (176.6) (203.1)
Cash Flow from Financing 123.3 84.7 572.5 336.4 523.4 496.9
Inc./(Dec.) in Cash 89.9 18.1 299.2 (14.6) 91.6 (7.2)
Opening Cash balances 250.6 340.5 358.6 657.8 643.2 734.8
Closing Cash balances 340.5 358.6 657.8 643.2 734.8 727.5

April 29, 2010 7


Key Ratios
Valuation Ratio (x)
P/E (on FDEPS) 18.8 12.4 11.4 14.6 12.4 11.7
P/CEPS 14.2 10.2 9.5 10.4 8.9 8.5
P/BV 4.6 3.6 3.0 2.6 2.3 2.1
Dividend yield (%) 1.6 1.9 2.2 2.2 2.6 2.9
EV/Sales 1.2 1.0 0.9 0.7 0.7 0.5
EV/EBITDA 10.3 7.6 8.0 9.1 7.9 8.2
EV/Total Assets 2.3 1.9 1.6 1.4 1.3 1.2
Per Share Data (Rs)
EPS (Basic) 4.2 6.3 6.9 5.4 6.3 6.7
EPS (fully diluted) 4.2 6.3 6.9 5.4 6.3 6.7
Cash EPS 5.5 7.7 8.3 7.5 8.8 9.3
DPS 1.2 1.5 1.8 1.8 2.0 2.3
Book Value 17.0 21.6 26.4 29.8 33.8 37.8
Dupont Analysis (%)
EBIT margin 9.9 11.7 9.5 6.5 6.7 5.1
Tax retention ratio 66.0 66.4 67.1 67.5 66.8 66.8
Asset turnover (x) 2.6 2.7 2.7 2.7 2.6 3.1
ROIC (Post-tax) 16.8 20.9 17.5 11.6 11.9 10.4
Cost of Debt (Post Tax) 5.3 4.6 3.5 4.9 5.2 4.3
Leverage (x) 0.6 0.7 0.9 1.0 1.2 0.6
Operating ROE 23.8 32.2 29.6 18.4 19.7 14.1
Returns (%)
ROCE (Pre-tax) 20.5 24.0 20.0 13.9 14.8 13.3
Angel ROIC (Pre-tax) 29.6 46.3 49.5 26.7 25.6 27.2
ROE 26.7 32.8 28.8 19.2 19.9 18.8
Turnover ratios (x)
Asset Turnover (Gross Block) 2.8 3.3 4.3 3.8 3.5 4.9
Inventory / Sales (days) 10.4 8.4 10.3 15.0 15.3 14.3
Receivables (days) 15.2 18.5 21.7 26.1 26.6 24.9
Payables (days) 20.4 26.5 28.3 29.0 28.0 26.1
Working capital cycle (ex-
10.2 2.5 4.1 12.2 14.0 12.7
cash) (days)
Solvency ratios (x)
Net debt to equity 0.6 0.4 0.7 0.8 1.0 1.1
Net debt to EBITDA 1.2 0.8 1.5 2.2 2.3 2.8
Interest Coverage
5.1 7.5 7.9 3.7 3.6 3.7
(EBIT/Interest)

April 29, 2010 8


Research Team Tel: 4040 3800 E-mail: research@angeltrade.com Website: www.angeltrade.com

DISCLAIMER

This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this
document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to
arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved),
and should consult their own advisors to determine the merits and risks of such an investment.

Angel Securities Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are
inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company
may or may not subscribe to all the views expressed within.

Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as
opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true,
and are for general guidance only. Angel Securities Limited has not independently verified all the information contained within this document. Accordingly,
we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While
Angel Securities Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or
other reasons that prevent us from doing so.

This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on,
directly or indirectly.

Angel Securities Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services
in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Neither Angel Securities Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the
use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section).

Disclosure of Interest Statement Petronet LNG
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies’ Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below Rs 1 lakh for Angel and its Group companies.

Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE:
INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946
Angel Capital & Debt Market Ltd: INB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM /
CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

April 29, 2010 9

Petronet lng ru4 qfy2010-290410

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