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IGL, MGL — Gas distribution companies on a recovery track

Low LNG price, demand-supply dynamics and regulatory push all augur well for Indraprastha Gas (IGL) and Mahanagar Gas (MGL)

November 27, 2020 / 11:43 AM IST
IGL, MGL — Gas distribution companies on a recovery track

PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

Indraprastha Gas (IGL) and Mahanagar Gas (MGL) — the two natural gas distribution companies — have seen a sequential recovery in volumes as easing of lockdown curbs spurred demand for CNG and Industrial LNG. The increased volumes, weakness in LNG prices and lower operating costs also helped in improving the margins of both the companies. Following a challenging first quarter, the recovery in volumes is encouraging. We expect more recovery in the second half (H2) as travel and industrial activity...

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