Mahanagar Gas falls after Q3 PAT slips 74% YoY; margins contract to 10%

9 Feb 2022 , 11:45 AM

Net sales for Q3 FY22 grew by 54.2% to Rs 1,027.8 crore from Rs 666.4 crore registered in Q3 FY21. Profit before tax slipped 74.2% to Rs 75.18 crore in Q3 FY22 over Q3 FY21. Total expenditure spiked 164.4% to Rs 924.7 crore in Q3 FY22 from Rs 349.68 crore registered in Q3 FY21, impacting companys profitability.

EBITDA declined 65.8% to Rs 103 crore in Q3 FY22 from Rs 301.7 crore registered in Q3 FY21. EBITDA margin deteriorated to 10.03% in Q3 FY22 from 36.35% posted in the same quarter last year.

On the operational front, the city gas distributors CNG sales volumes increased by 7.06% to 220.02 SCM million and PNG sales volumes rose by 2.42% to 83.86 SCM million Q3 FY22 over Q2 FY22. In terms of million metric standard cubic meter per day (MMSCMD), total volumes rose 5.73% to 3.303 MMSCMD in Q3 FY22 from 3.124 MMSCMD in Q2 FY22.

Mahanagar Gas (MGL) is one of the Indias leading natural gas distribution companies. It has a natural gas distribution network in Mumbai and its adjoining areas. GAIL (India) (Maharatna Company of Govt. of India) is the promoter of MGL and holds 32.50% stake in the company.

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