Dolat Capital: Mahanagar Gas - Volume Recovery With Flat Realisations
BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Dolat Capital Report
MGL’s Q2 FY21 results were in line with estimates on revenue front and above estimates on profitability front.
- Volumes at 2.07 mmscmd (down 30.9% YoY and up 86.3% QoQ), against our estimates of 2.3 mmsmcd. Strong recovery was seen in volumes from industrial and CNG segment, however Domestic segment continue to outperform.
- The CNG segment (down 42% YoY and up 168.6% QoQ) has recovered to 90% of pre-Covid levels and BEST segment is operating at higher volumes than pre-Covid levels.
- The PNG segment reported flattish growth YoY and up 27.3% QoQ, due to strong growth witnessed in Domestic PNG segment of 21.6% YoY, which was offset by a de-growth of 20% YoY in Industrial/Commercial segment. Volumes recovered sequentially in the industrial segment which is almost operating at full capacity with higher price realisation QoQ, however, commercial segment saw a slow recovery.
Click on the attachment to read the full report:
This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.