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Buy Mahanagar Gas; target of Rs 1103: Prabhudas Lilladher

Prabhudas Lilladher is bullish on Mahanagar Gas has recommended buy rating on the stock with a target price of Rs 1103 in its research report dated May 11, 2022.

May 12, 2022 / 12:57 PM IST
 
 
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Prabhudas Lilladher's research report on Mahanagar Gas


We lower our FY23/24E estimates by 22%/16% to factor lower volumes (-6% each) and lower margins (Rs8.8/Rs9.5 vs earlier Rs10.2 earlier). Q4 results were ahead due to higher than expected margins supported by reduced spot LNG purchase and lower volumes. MGL remains a play on increased gas usage from rising vehicles and PNG penetration.



Outlook


We like the business because of its dominating share in growing markets of Mumbai and its suburbs. Reiterate ‘BUY’ with a TP of Rs1,103 (Rs1,187 earlier).

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first published: May 12, 2022 12:57 pm
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