Preserve Purchase with new Rs 320 PT amid engaging valuation at 11x FY22E P/E (~20% disc to hist avg). PLNG reported flat quantity y/y towards JEFe of +3%. With India’s LNG imports down 12% y/y in Q4FY21 owing to a pointy spike in Spot costs, PLNG gained 700bps market share y/y. Ebitda missed JEFe by