Hold Mahanagar Gas Ltd For Target Rs.1,378 - Sushil Finance
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Mahanagar Gas Ltd. reported results for the quarter ended Mar’21. Following are the highlights of the performance.
Highlights from the Quarter (Q4FY21): Net Sales for Q4FY21 stood at Rs. 784.04 Cr as against Rs.752.67 Cr in Q4FY20 (up 4.2% YoY) and against Rs. 727.33 Cr in Q3FY21 (up 7.8% QoQ). EBITDA for the quarter stood at Rs. 316.16 Cr as against Rs.243.83 Cr in the corresponding quarter last year (increase of 29.7% YoY) and against Rs.316.72 Cr in the previous quarter (decrease of 0.2% QoQ).
The EBITDA margin for Q4FY21 was 40.3%, up 793 bps over Q4FY20 largely due to lower gas costs.Net Income for Q4FY21 was Rs. 212.77 Cr as against Rs. 166.59 Cr in Q4FY20 (increase of 27.7% YoY) and against Rs. 217.21 Cr in the previous quarter (decrease of 2.0% QoQ) on account of lower other income due to reduction in interest rates on investments. The PAT Margin for Q4FY21 stood at 27.1% and EPS stood at Rs. 21.54. For the full year, MGL’s revenue stood at Rs. 2,337.79 Cr with an EBITDA of Rs. 933.96 Cr, translating to an EBITDA Margin of 40.0% due to lower gas cost. The Net Profit for the year was Rs. 619.57 Cr at a Net Margin of 26.5%. EPS for the year stood at Rs. 62.72.
The volumes for the quarter stood at 182.14 SCM Million, flat YoY and an increase of 5.1% QoQ. The CNG volumes comprised of 70% of the total volumes, followed by Domestic PNG at 16% and Commercial PNG at 14% during the quarter. The CNG volumes recovered well once the lockdown was eased.
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