PL First Cut - Mahanagar Gas Q1FY24

PL First Cut – Mahanagar Gas Q1FY24 - Swarnendu Bhushan – Co-Head of Research, Prabhudas Lilladher Pvt Ltd

Mahanagar Gas Q1FY24 First Cut: Lower gas cost drives earnings

# Mahanagar Gas reported ­­­good set of results with EBITDA/PAT of Rs 5.2 Bn ( +34% Q/Q; PLe: Rs 4.1 bn) and Rs 3.7 Bn ( +37% Q/Q; Ple: Rs 2.8 bn) respectively.

# Gas sales volumes for Q1 were at 3.412 mmscmd (+1% Q/Q; 3.4 mmscmd in Q4FY23)

# Domestic PNG volumes came in at 0.5 mmscmd (-1.8% Q/Q)

# Industrial/commercial volumes were 0.43 mmscmd (-2.6 %Q/Q)

# CNG volumes were 2.48 mmscmd (+4% Q/Q)

# EBITDA/scm increased to Rs 16.8/scm (Q4FY23:Rs 12.8/scm )