Mahanagar Gas declined 4.44% to Rs 791.35 after the company reported a 74% fall in net profit to Rs 56.79 crore in Q3 FY22 from Rs 217.2 crore posted in Q3 FY21.
Net sales for Q3 FY22 grew by 54.2% to Rs 1,027.8 crore from Rs 666.4 crore registered in Q3 FY21. Profit before tax slipped 74.2% to Rs 75.18 crore in Q3 FY22 over Q3 FY21. Total expenditure spiked 164.4% to Rs 924.7 crore in Q3 FY22 from Rs 349.68 crore registered in Q3 FY21, impacting company's profitability.EBITDA declined 65.8% to Rs 103 crore in Q3 FY22 from Rs 301.7 crore registered in Q3 FY21. EBITDA margin deteriorated to 10.03% in Q3 FY22 from 36.35% posted in the same quarter last year.
On the operational front, the city gas distributor's CNG sales volumes increased by 7.06% to 220.02 SCM million and PNG sales volumes rose by 2.42% to 83.86 SCM million Q3 FY22 over Q2 FY22. In terms of million metric standard cubic meter per day (MMSCMD), total volumes rose 5.73% to 3.303 MMSCMD in Q3 FY22 from 3.124 MMSCMD in Q2 FY22.
Mahanagar Gas (MGL) is one of the India's leading natural gas distribution companies. It has a natural gas distribution network in Mumbai and its adjoining areas. GAIL (India) (Maharatna Company of Govt. of India) is the promoter of MGL and holds 32.50% stake in the company.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU