MGL announces Q1 FY 2017-18 results

Net Profit after tax improves by 34.1%
Mumbai, August 9, 2017 (14:30 IST):Mahanagar Gas Limited (BSE: 539957, NSE: MGL), today announced its unaudited financial results for the quarter ended June 30, 2017. Net Profit after tax has increased over corresponding quarter of previous year by 34.1%.

Key Financial Highlights

Q1 FY 2017-18

Mahanagar Gas Limited (MGL) has reported an increase of 34.1% in Net Profit after tax. Compared to Rs.92.73 crore for the quarter ended 30 June, 2016, the company has reported Net Profit After Tax of Rs.124.33 crore for the quarter ended 30 June, 2017.

The company has recorded overall volume growth of 2.7% consisting of growth of 1.4% in its CNG volumes and 6.7% in PNG volumes. EBITDA margin has improved to 38.3% as compared to 31.5% in corresponding quarter of previous financial year.

Sales/ Income from operations is reported at Rs.582.85 Crores as compared to Rs.534.14 Crores in corresponding quarter of previous financial year. The net increase is a result of increase in sales volumes and reduction in selling prices of both CNG and PNG in view of lower input gas cost. Earnings have increased to Rs.12.59 per share for Q1 2017-18 from Rs.9.39 per share for Q1 2016-17.

While commenting on Q1 results, Mr. Rajiv Mathur, Managing Director said, “We are happy to report growth in profits and earnings per share. Among other things, favourable exchange rate, overall reduction in input gas costs, better alternate fuel linked price realization in case of industry, commercialcustomer category and marginal growth in sales volumes helped to achieve improved financial results as compared to corresponding quarter of previous financial year.”