Shares of Mumbai-based Mahanagar Gas Ltd fell over 5% after the city gas distribution firm announced its March quarter (Q4) results.
There were two major areas of disappointment for investors. One, Ebitda (earnings before interest, taxes, depreciation and amortization) margin was below expectations. Two, the company’s overall volume growth of 7.4% year-on-year in Q4 has moderated from the previous three quarters.
On a per-unit basis, Ebitda per standard cubic metre stood at ₹7.90, down by about 10% compared to the December quarter, according to analysts from Jefferies India Pvt. Ltd. Gross margin declined sequentially, too.
