Mahanagar Gas soars 7% as PAT more-than-doubles in Q2, margins expand
Share of Mahanagar gas Ltd (MGL) zoomed 6.6 per cent to Rs 1,055 apiece on the BSE in Monday’s intraday trade after the city gas distributor’s net profit more-than-doubled to Rs 339 crore in the September quarter.
At 9:40 AM, shares were ruling 3 per cent higher at Rs 1,018 per share as against 344 points, or 0.54 per cent, slide in the benchmark S^&P BSE Sensex. The BSE Oil and Gas index, on the other hand, was up 0.49 pr cent.
MG’s consolidated net profit surged 106 per cent to Rs 339 crore in Q2FY24 as against Rs 164 crore in the year-ago period. It’s revenue, however, was flat at Rs 1,773 crore, up 1.66 per cent from Rs 1,744 crore during the corresponding quarter of the previous fiscal.
