You are here: Home » Markets » News
Business Standard

Mahanagar Gas hits new high on strong Q2 results

The stock hit a new high of Rs 828, up 7% on the NSE in early morning trade

SI Reporter  |  Mumbai 

CNG, gas

has hit a new high of Rs 828, up 7% on the National Stock Exchange (NSE) in early morning trade after reporting 41% year-on-year (YoY) growth in net profit at Rs 102 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material cost.

The Mumbai-based natural gas distribution company had profit of Rs 72.57 crore in the corresponding quarter last year.


Total income from operations however, declined by 3.2% at Rs 574 crore on YoY basis.

The reduction in sales in mainly due to reduction in selling prices of both compressed natural gas (CNG) and piped natural gas (PNG) in view of lower input gas cost.

EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 794 basis points to 28.13% compared to 20.19% last year.

At 09:35 am; the stock was up 4.5% at Rs 807 on the NSE, as compared to 0.52% rise in the Nifty50. A combined 398,743 shares changed hands on the counter on the NSE and BSE.

RECOMMENDED FOR YOU

Mahanagar Gas hits new high on strong Q2 results

The stock hit a new high of Rs 828, up 7% on the NSE in early morning trade

The stock hit a new high of Rs 828, up 7% on the NSE in early morning trade
has hit a new high of Rs 828, up 7% on the National Stock Exchange (NSE) in early morning trade after reporting 41% year-on-year (YoY) growth in net profit at Rs 102 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material cost.

The Mumbai-based natural gas distribution company had profit of Rs 72.57 crore in the corresponding quarter last year.

Total income from operations however, declined by 3.2% at Rs 574 crore on YoY basis.

The reduction in sales in mainly due to reduction in selling prices of both compressed natural gas (CNG) and piped natural gas (PNG) in view of lower input gas cost.

EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 794 basis points to 28.13% compared to 20.19% last year.

At 09:35 am; the stock was up 4.5% at Rs 807 on the NSE, as compared to 0.52% rise in the Nifty50. A combined 398,743 shares changed hands on the counter on the NSE and BSE.
image
Business Standard
177 22

Mahanagar Gas hits new high on strong Q2 results

The stock hit a new high of Rs 828, up 7% on the NSE in early morning trade

has hit a new high of Rs 828, up 7% on the National Stock Exchange (NSE) in early morning trade after reporting 41% year-on-year (YoY) growth in net profit at Rs 102 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material cost.

The Mumbai-based natural gas distribution company had profit of Rs 72.57 crore in the corresponding quarter last year.

Total income from operations however, declined by 3.2% at Rs 574 crore on YoY basis.

The reduction in sales in mainly due to reduction in selling prices of both compressed natural gas (CNG) and piped natural gas (PNG) in view of lower input gas cost.

EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 794 basis points to 28.13% compared to 20.19% last year.

At 09:35 am; the stock was up 4.5% at Rs 807 on the NSE, as compared to 0.52% rise in the Nifty50. A combined 398,743 shares changed hands on the counter on the NSE and BSE.

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard