Dolat Capital: Mahanagar Gas - Volume Recovery With Flat Realisations
A file photograph of taxis lining up at a Mahanagar Gas fueling station in Mumbai, India. (Photographer: Dhiraj Singh/Bloomberg)

Dolat Capital: Mahanagar Gas - Volume Recovery With Flat Realisations

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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.

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Mahanagar Gas (Q2FY21 Result Update)_18-Nov-20.pdf


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