Analysts/Institutional Investor Meet/Con. Call Updates

AI summary - Transmission volume increased to 105.63 MMSCMD in Q2 FY18, up 4.77 MMSCMD y-y - Gas marketing volume rose to 84.64 MMSCMD, driven by higher APM, ONGC, and LNG supply - Polymer production increased to 182 TMT; LPG transmission volume up to 314 TMT - Turnover rose 3% to Rs.12,382 Cr; PAT surged 42% to Rs.1,310 Cr in Q2 FY18 - Capex of Rs.1,209 Cr in H1 FY18, mainly on pipelines - Transmission capacity utilization improved to 51% - Petrochemical production steady at ~2200-2300 MT/day; full-year target ~700,000 tons - U.S. LNG volumes for 2018 contracted at 100%, with ~80 cargos expected - Transmission tariff gains driven by higher volumes to far-end zones and power sector demand - Power sector demand spike may moderate, volumes expected around 102-103 MMSCMD for rest of year - Petchem input gas mostly long-term contracts (~70%), with 20-30% spot and ONGC gas - GST impact on revenues estimated around 10% in Petrochemicals - Debt at Rs.4,200 Cr; cash Rs.2,200 Cr as of Sept 30 - New pipeline projects on track; capex target ~Rs.3,500 Cr for FY18 - Regulatory tariff decisions pending due to incomplete PNGRB board - Management confident on U.S. LNG volume placement and mitigating market risks