India’s gas utilities and city gas distribution companies are expected to end the financial year 2023-24 with healthy growth primarily on the back of lower costs of gas and stronger volumes, as per analysts.
“Lower gas costs, stronger volumes, offset by Rs 4-12 per kg price cut taken in CNG (compressed natural gas) by Indraprastha Gas Ltd (IGL) and Mahanagar Gas Ltd (MGL) may drive a steady 11% on year improvement in EBITDA and 7% on year jump in PAT (profit after tax) for CGDs,” said ICICI Securities in its preview.
