Mahanagar Gas slips after weak Q1 performance

Mahanagar Gas fell 1.59% to Rs 968.05 after the city gas distributor's net profit declined 73.42% to Rs 45.25 crore on a 65.45% fall in net revenue from operations to Rs 261.75 crore in Q1 FY21 over Q1 FY20.

EBIDTA decreased by 71.11% to Rs 79.99 crore in Q1 June 2020 from Rs 276.83 crore in Q1 June 2019. EBIDTA margin was at 30.56% as on 30 June 2020 as against 36.55% as on 30 June 2019.

CNG sales volumes contracted by 77.81% to 43.70 SCM (standard cubic metre) million in Q1 FY21 from 196.95 SCM million in Q1 FY20. PNG sales volumes declined 21.22% to 57.59 SCM million in Q1 June 2020 from 73.11 SCM million in Q1 June 2019.

Total volumes as on 30 June 2020 were at 101.30 SCM million, down by 62.49% from 270.06 SCM million as on 30 June 2019.

MGL is one of the largest city gas distribution in India with sole authorisation to distribute compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and the Raigad district in the state of Maharashtra, India.

Powered by Capital Market - Live News