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ICICI Securities Report
Ebitda margin of all listed city gas distribution players surged to record high in Q2 FY21.
The main driver of this rise is CGD players not passing on the full benefit of decline in domestic gas price as well as spot liquefied natural gas prices to consumers.
In December 2019, CGD players had also not passed on the benefit of the fall in Panna, Mukta and Tapti gas price to consumers.
Thus, CGD players have not passed on the benefit of fall in gas price even in pre-Covid-19 era.
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