Mahanagar Gas Q4 Review - Recent Lockdown Spooks Recovery: Prabhudas Lilladher
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Prabhudas Lilladher Report
Mahanagar Gas Ltd.'s reported lower than expected results with Q4 FY21 Ebitda and profit after tax at Rs 3.2 billion (flat QoQ our estimate: Rs 3.6 billion) and Rs 2.1 billion (down 2%QoQ; our estimate: Rs 2.5 billion), respectively.
Lower than expected volumes, margins dragged Q4 performance.
For Q4, the company’s gross margins were at Rs 20.3/standard cubic meter versus Rs 20.1 in Q3 FY21.
However, higher opex/scm at Rs 5.6/scm (Rs 5.3 in Q3) led to Ebitda spreads of Rs 12.2/scm (Q3 FY21:Rs 12.4/scm; our estimate: Rs 13.1/scm).
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