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Mahanagar Gas: Limited growth drivers; eye a fresh entry

Mahanagar Gas' CNG volumes are expected to return to the pre-pandemic levels in the second quarter this fiscal

July 30, 2021 / 05:41 PM IST
Mahanagar Gas: Limited growth drivers; eye a fresh entry

Mahanagar Gas | The company reported higher profit at Rs 217.2 crore in Q3FY21 against Rs 186 crore in Q3FY20, revenue fell to Rs 666.4 crore from Rs 744 crore YoY.

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

Mahanagar Gas Ltd (MGL; CMP Rs 1,108.8, Market Capitalisation: Rs 10,952 crore) reported a weak set of revenue and volume numbers in Q1FY22, hit by the lockdown in the first quarter, but came broadly in line with the guidance. EBITDA came in at Rs 304 crore (down 3.9 per cent), driven by low input gas costs (down 25.7 per cent QoQ). Q1FY22 performance MGL’s revenue declined sharply, with the Q1FY22 figures 14.2 per cent lower than those of Q4FY21 while volumes sold...

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