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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)

    Ruchi Agrawal
    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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