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Prabhudas Lilladher Report
We increase our earnings estimates of Mahanagar Gas Ltd. by 8.5%/10% as we factor in higher margins even as we leave volume assumptions unchanged.
Record margins of Rs 13.9/ standard cubic meter (up 15% QoQ), made up for volumes which declined to 218 million standard cubic meter (down 16% QoQ), due to lockdown restrictions.
Mahanagar Gas remains a play on increased gas usage from rising vehicle and piped natural gas penetration in a benign gas price environment.
We continue to like the company’s business, given its dominating share in growing markets of Mumbai and suburbs.
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