Mahanagar Gas Q4 Review - Recent Lockdown Spooks Recovery: Prabhudas Lilladher

Mahanagar Gas namesign at a gas station. (Source: BloombergQuint)

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).

Click on the attachment to read the full report:

Prabhudas Lilladher Mahanagar Gas Q4FY21 Result Update.pdf

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