Buy Mahanagar Gas Ltd For Target Rs.1,314 - Motilal Oswal Financial Services Ltd
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In-line performance
* Total volumes were in line with est. at 3.7mmscmd (up 8% YoY)
* CNG volumes stood at 2.6mmscmd (up 6% YoY)
* PNG total volumes were at 1mmscmd (up 11% YoY)
* EBITDA/scm came in line with our estimate at INR13.3 (up 63% YoY)
* Resultant EBITDA was also in line at INR4.5b (up 75% YoY)
* PAT was also in line at INR3.2b (up 84% YoY).
* For 9MFY24, revenue stood at INR46.8b (flat YoY), EBITDA at INR14.5b (up 82% YoY) with PAT at INR10.2b (up 96% YoY)
* EBITDA/scm was at INR14.9 (up 77% YoY)
* Total volume was at 3.6mmscmd (up 3% YoY)
* The company has declared an interim dividend of INR12 per share.
* PNGRB has approved a transfer of 100% equity shares held by existing shareholders of UEPL vide its letter dated December 13, 2023.
* The company is in the process of consummating the acquisition as per the SPA.
* MAHGL has signed a JV agreement with Baidyanath LNG Pvt Ltd for incorporating a JVC on 17th Oct’23
* The JVC (Mahanagar LNG Private Limited) was incorporated on December 26, 2023. However, it is still in the process of issuing equity shares to shareholders for subscription and is yet to commence its business operations.
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SEBI Registration number is INH000000412
