Quote On Mahanagar Gas Ltd 3QFY21 By Yash Gupta, Angel Broking
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Below are Quote On Mahanagar Gas Ltd 3QFY21 By Mr. Yash Gupta Equity Research Associate, Angel Broking Ltd
MGL reported numbers inline with our expectation, Mahanagar Gas Limited reported revenue from operations for Q3FY21 at ₹727 crores down by 2.4% YoY from ₹745 crores in Q3FY20. EBITDA for the quarter at ₹337 crores in Q3FY21 as compared to ₹287 crores up by 17.5% in Q3FY20. Profit before tax for the quarter at ₹292 crores in Q3FY21 as compared to ₹244 crores up by 19.6% in Q3FY20. Profit after tax for the quarter at ₹218 crores in Q3FY21 as compared to ₹185.6 crores up by 17.3% in Q3FY20.
MGL reported the numbers in line with our expectations volumes are still lower than the pre covid levels, company reported healthy EBITDA margins of 46% up by 280 basis points from Q2FY21, We expect margins to come down a little bit in next quarters as international Gas prices have gone up this month. We maintain our BUY with a target price of 1356.
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
