Buy Mahanagar Gas; target of Rs 1090: Anand Rathi

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Anand Rathi's research report on Mahanagar Gas

Mahanagar Gas was hit by lower CNG volume growth in Q3 due to higher gas prices. The gross margin improved despite increase in APM gas prices, which the company passed on. The company was expecting the Kirit Parikh Committee to reduce APM gas prices; this did not come through. It hiked prices in Oct’22 (from Rs80/kg to Rs86) and in Nov’22 (to Rs89.5), which, with falling crude and spot LNG prices, would improve spreads in Q4.

Outlook

We retain a Buy rating on the stock with an unchanged TP of Rs1,090, at 11x FY25e EPS.

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Mahanagar Gas - 07 -02 - 2023 - anand