Update On Mahanagar Gas Ltd By Motilal Oswal
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Largely in line with our estimates
EBITDA stood at INR3.2b (+22% YoY), with PAT at INR2.2b (+17% YoY).
Total volumes were in line with our estimate at 2.77mmscmd (-9% YoY, +34% QoQ).
* CNG sales volumes are still down 15% YoY to 1.88mmscmd, but up 48% QoQ.
* PNG – I/C sales volumes are down 9% YoY at 0.38mmscmd (+13% QoQ).
* PNG - domestic sales volumes continue to grow at 0.51mmscmd (+24% YoY).
EBITDA/scm stood at INR12.4 (+35% YoY and +7% QoQ).
* Realization stood at INR26.1/scm (flat YoY and QoQ).
* Gross margin expanded to INR17.7/scm (+28% YoY, 3% QoQ).
* Opex was flat sequentially at INR4.5/scm, but up 13% YoY. Employee cost returned to FY20 levels of INR0.8/scm with an increase in volumes.
For 9MFY21, EBITDA/PAT stood at INR6.2b/INR4.1b (-24%/-35% YoY).
* This was weighed down by a 34% YoY fall in volumes to ~2mmscmd (primarily impacted by a 45% fall in CNG volumes to 1.2mmscmd).
* EBITDA/scm is up YoY to 11.4mmscmd (v/s INR9.9 in 9MFY20).
* The board has declared an interim dividend of INR9/share (record date is 22 Feb’21).
* In 4QFY21, the total daily sales volumes have almost reached pre-COVID levels and has been picking up.
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