Published on 25/06/2020 9:58:50 AM | Source: Sushil Finance

Hold Mahanagar Gas Ltd For Target Rs.1,296 - Sushil Finance

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Mahanagar Gas Ltd. has reported numbers for the quarter ended Mar’20. Following are the highlights of the result.

Highlights from the Quarter (Q4FY20):

Net Sales for Q4FY20 stood at Rs.752.67 Cr as against Rs.793.24Cr in Q3FY19 (down by 5.11% YoY) and against Rs. 819.07 Cr (down 8.11% QoQ). EBITDA for the quarter stood at Rs. 243.83 Cr as against Rs. 213.95 Cr in the corresponding quarter last year (increase of 13.97% YoY) and against Rs. 258.86 Cr in the previous quarter (decrease of 5.81% QoQ).

The EBITDA margin for Q4FY20 was 32.4%, up 542 bps over Q4FY19, mainly due to reduced cost of natural gas and traded items- which decreased from 46.2% of revenue in Q4FY19 to 39.7% in Q4FY20. Net Income for Q4FY20 was Rs. 166.59 Cr as against Rs. 133.46 Cr in Q4FY19 (increase of 24.82% YoY) and against Rs. 186.05 Cr in the previous quarter (decline of 10.46% QoQ). The PAT Margin for Q4FY20 stood at 22.13%, an increase of 531 bps YoY.

The volumes for the Quarter stood at 253.39 SCM Million, a decline of 6.3% YoY and a decline of 9.8% QoQ. The CNG volumes comprised of 71% of the total volumes, followed by Domestic PNG at 15% and Commercial PNG at 14% during the quarter. In the conference call, the company indicated that the total sales volumes were affected due to the Coronavirus pandemic towards the end of March (~10 days) and the volumes in the months of April and May were at ~25% and ~42% respectively.

The CNG volumes were the worst hit, followed by the Commercial PNG. The Domestic PNG volumes have not seen any decline in volumes. The company added 32,500 new customers in the Domestic PNG segment and the Commercial and Industrial segment saw net additions of 24 customers along with 8 CNG stations being added as well. The total tally of customers now stands at 1.3 Mn Domestic, 4.021 Commercial/Industrial customers and 256 CNG Stations


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