Mahanagar Gas Ltd (MGL) continued reaping the benefits of rebounding gas demand and improved gas realizations in the March quarter.
Total gas volumes at 2.89 mmscmd (million metric standard cubic metres per day) and rise 4% sequentially and year-on-year (y-o-y). The higher realizations for compressed natural gas (CNG) and piped natural gas (PNG) helped boost revenues further.
CNG revenues rose 8.5% sequentially following a price hike in early February. CNG volumes grew 5.1%. PNG realizations were also higher as a result of industrial and commercial customers being charged higher prices because of the increase in alternative fuel prices, said analysts at Antique Stock Broking. This helped revenue to grow 7.7% sequentially (4.5% y-o-y), beating analysts’ estimates.
