Prabhudas Lilladher's research report on Mahanagar Gas
Healthy margins and volume traction drive earnings despite one off charges: Mahanagar Gas' (MGL's) reported Q1FY19 EBITDA and PAT at Rs2.0bn (PLe: Rs2.1bn; +4%YoY, +20%QoQ) and Rs1.28bn (PLe: Rs1.18bn; +3%YoY, 23%QoQ), respectively. The earnings surprise was due to higher than expectedQ1 gas sales volume of 11.9% YoY.
Outlook
We continue to like MGL's business given their dominating share in the growing markets of Mumbai and suburbs. Reiterate BUY.
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