Mahanagar Gas hits fresh 52-week low on disappointing Q4 results

The stock dipped 7% to Rs 785, also its fresh 52-week low on the BSE, after the company reported a lower than expected 5.3% growth in net profit at Rs 1.05 billion in March quarter.

Shares of Mahanagar Gas (MGL) have slipped 7% to Rs 785 per share, also their fresh 52-week low on the BSE in early morning trade, after the company reported a lower than expected year-on-year growth of 5.3% in net profit at Rs 1.05 billion in March quarter owing to sharp decline in margins and marginally lower volume growth. Operational revenue grew 11.7% at Rs 6.44 billion over the previous year quarter.

Analysts on an average had expected profit of Rs 1.26 billion on revenue of Rs 9.72 billion of the quarter.

“EBITDA (earnings before interest, tax, depreciation and amortisation)