Mahanagar Gas reported 9.25% fall in net profit to Rs 185.20 crore despite a 136.36% jump in net revenue from operations to Rs 1,454.75 crore in Q1 FY23 over Q1 FY22.
Cost of natural gas or cost of conversion into CNG for retailing, jumped to Rs 1,004.53 crore from Rs 191.04 crore last year.
EBIDTA declined by 6.07% to Rs 285.55 crore in Q1 FY23 from Rs 303.99 crore in Q1 FY22. EBIDTA margin was 19.63% in Q1 FY23 as against 49.39% in Q1 FY22.
Total volumes jumped by 43.76% to 313.75 SCM million in Q1 FY23 from 218.25 million in Q1 FY22. CNG sales volume stood at 231.09 SCM million (up 63.7% YoY) while total PNG sales volume aggregated to 82.66 SCM million (up 7.15% YoY) during the period under review.
There is overall growth in volumes compared to corresponding quarter in the previous year (which was impacted due to 2nd wave of COVID). However, reduction in EBIDTA is mainly due to higher gas cost in the current quarter, the company said in a statement.
MGL is one of 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.
The scrip advanced 3.82% to currently trade at Rs 819.95 on the BSE.
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