Mahanagar Gas hits 52-week high; soars 7% on margin improvement in Q4
Shares of Mahangar Gas (MGL) hit a 52-week high of Rs 1,072.35, soaring 7 per cent on the BSE in Tuesday’s intra-day trade after operating profit of the company improved sequentially in March quarter (Q4FY23) due to decline in procurement costs.
The company’s EBITDA/scm came in above estimates at Rs 12.8 due to lower-than-estimated gas cost. Motilal Oswal Financial Services had expected EBITDA/scm at Rs 8.2.
MGL posted a 104 per cent year-on-year (YoY) and 56 per cent quarter-on-quarter (QoQ) jump in its profit after tax (PAT) at Rs 268.81 crore from Rs 131.80 crore in corresponding quarter last year.
