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What is the story about?
Shares of Mahanagar Gas Ltd. (MGL) are in focus on Tuesday, September 1, after the company has increased the compressed natural gas (CNG) rates by ₹2 per kg, and domestic piped natural gas (PNG) by ₹1 per standard cubic metre (scm).
The revised rates stand at ₹88 per kg for CNG and ₹53 per scm for PNG.
MGL said the significant increase in gas prices is due to the West Asia crisis, which started in February.
The move comes just a couple of days after MGL's peer, Indraprastha Gas Ltd. (IGL), Over the weekend, also raised its CNG prices in Delhi by ₹3.89 per kg. With this, the retail CNG price in Delhi now stands at ₹83.09 per kg, with effect from August 29.
MGL reported its first quarter earnings on July 30.
Its net profit of ₹193 crore declined 39.5% from the previous year's ₹319 crore but was up 49% from the previous quarter's ₹130 crore.
Its revenue increased 13.9% from last year and 15.6% from the previous quarter to ₹2,373 crore.
The company's earnings before interest taxes depreciation and amortization (EBTIDA) declined 31.5% to ₹343 crore from the previous fiscal's ₹500.6 crore but was up 31.9% sequentially from ₹260 crore.
Its margin contracted on an annual basis to 14.5% from 24% but expanded from the previous quarter's 12.7%.
Shares of Mahanagar Gas ended 2.3% lower on Monday at ₹1,067. The stock is down 4.5% over the last one month, taking its year-to-date drop to 5.5%.
Also Read: Sudarshan Chemical Industries arm sells VP4 Frankfurt for €76.5 Million to focus on Pigments business
The revised rates stand at ₹88 per kg for CNG and ₹53 per scm for PNG.
MGL said the significant increase in gas prices is due to the West Asia crisis, which started in February.
The move comes just a couple of days after MGL's peer, Indraprastha Gas Ltd. (IGL), Over the weekend, also raised its CNG prices in Delhi by ₹3.89 per kg. With this, the retail CNG price in Delhi now stands at ₹83.09 per kg, with effect from August 29.
MGL reported its first quarter earnings on July 30.
Its net profit of ₹193 crore declined 39.5% from the previous year's ₹319 crore but was up 49% from the previous quarter's ₹130 crore.
Its revenue increased 13.9% from last year and 15.6% from the previous quarter to ₹2,373 crore.
The company's earnings before interest taxes depreciation and amortization (EBTIDA) declined 31.5% to ₹343 crore from the previous fiscal's ₹500.6 crore but was up 31.9% sequentially from ₹260 crore.
Its margin contracted on an annual basis to 14.5% from 24% but expanded from the previous quarter's 12.7%.
Shares of Mahanagar Gas ended 2.3% lower on Monday at ₹1,067. The stock is down 4.5% over the last one month, taking its year-to-date drop to 5.5%.
Also Read: Sudarshan Chemical Industries arm sells VP4 Frankfurt for €76.5 Million to focus on Pigments business
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