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Mahanagar Gas slips after Q3 outcome

Capital Market 

The city gas distributor's net profit jumped 25.4% to Rs 186.05 crore in Q3 December 2019 (Q3 FY20) as against Rs 148.32 crore reported in Q3 December 2018 (Q3 FY19).

Net sales fell 1.1% year-on-year (Y-o-Y) to Rs 744.50 crore in Q3 FY20. The Q3 numbers were announced after market hours on Friday, 7 February 2020.

Profit before tax gained 7.8% to Rs 244.36 crore Y-o-Y. Current tax expenses dropped 25.9% to Rs 53.03 crore during the period under review.

On a quarter-on-quarter (Q-o-Q) basis, net profit slumped 31.25% while net sales slipped 4.98% compared with Q2 September 2019.

EBITDA fell 5.32% to Rs 258.86 crore in Q3 December 2019 from Rs 273.41 crore in Q2 September 2019. The EBITDA margin stood at 34.77% in Q3 December 2019 as against 34.89% in Q2 September 2019. The profit margin stood at 24.99% in Q3 December 2019 as against 34.54% in Q2 September 2019.

The CNG sales volumes rose 1.02% to 204.64 SCM million in Q3 December 2019 from 202.56 SCM million in Q2 September 2019.

Total PNG sales numbers advanced 3.74% to 76.15 (standard cubic metre) SCM million in Q3 December 2019 from 73.40 SCM million in Q2 September 2019.

The total volumes rose 1.75% to 280.78 SCM million in Q3 December 2019 as compared to 275.96 SCM million in Q2 September 2019. The total volumes (in million metric standard cubic meter per day or MMSCMD) also gained 1.75% to 3.052 MMSCMD in Q3 December 2019 from 3 MMSCMD in Q2 September 2019.

Mahanagar Gas is engaged in the distribution of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and its adjoining areas and in the Raigad district in the state of Maharashtra, India. It also supplies CNG for vehicles, including rickshaws, taxis and cars in Mumbai, Thane, Mira-Bhayander, Navi Mumbai.

Shares of Mahanagar Gas fell 0.23% to Rs 1,194.75 on BSE. The stock traded in the range of Rs 1,211.45 to Rs 1,156.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 10 2020. 13:36 IST
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