Prabhudas Lilladher is bullish on Mahanagar Gas has recommended buy rating on the stock with a target price of Rs 1226 in its research report dated August 10, 2020.
Prabhudas Lilladher's research report on Mahanagar Gas
We lower our FY21-23 earnings estimate to factor in gradual recovery in volumes post pandemic. MGL remains a play on increased gas penetration from rising vehicle and PNG penetration in a benign gas price environment. We continue to like MGL’s business given their dominating share in the growing markets of Mumbai and suburbs. Reiterate BUY.
Outlook
We cut our FY21 earnings estimated by 18.6%. We also trim our FY22-23 by 6.5% and 4.5% respectively to factor in lower volumes as the pandemic related restrictions get gradually lifted and the economic activity picksup. Reiterate BUY with a PT of Rs1,226 (1,279 earlier).
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