Dolat Capital: Mahanagar Gas Q1 Review - Volume De-Growth With Low Realisations And Lower Gas Cost
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Dolat Capital Report
Mahanagar Gas Ltd.’s Q1 FY21 results were below our estimates on revenue front and profitability front.
Volume de-growth at 1.11 million metric standard cubic meter per day (down 62.5% YoY and 60% QoQ), against our estimates of 1.9 mmsmcd.
Full quarter volumes were impacted due to the lockdown, with compressed natural gas segment taking the biggest hit. The CNG segment down 77.8% YoY and 75.7% QoQ due to no movement of people and vehicles during the lockdown.
The domestic piped natural gas segment reported flattish growth sequentially and was up 7.1% YoY which was offset by a de-growth of 47% QoQ and 49.3% YoY in Industrial/commercial PNG segment.
Overall PNG segment de-grew 21.2% YoY and 21.3% QoQ -- domestic PNG segment increased which was offset by decline in industrial and commercial volumes.
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