Mahanagar Gas reports 30% rise in Q3

Mahanagar Gas Limited (MGL) reported 30.16% year-on-year (YoY) rise in its third quarter ended December 31, 2016, period.

The company reported net profit of Rs 99 crore compared to net profit of Rs 76.06% in the corresponding period of the previous year.

Net profit was down by 3.16% from Rs 102.24 crore recorded in the preceding quarter.

Total income from operations was at Rs 554.34 crore, registering decline of 2.04% year-on-year (YoY) and 3.45% quarter-on-quarter (QoQ).

In Q3, sales volumes went sequentially down by 1.56%. MGL said, “This was mainly on account of impact of demonetization mainly in case of CNG.” While net sales was below 3.32% yoy to Rs 500.84 crore due to pass through of reduction in input gas cost.

Net sales from CNG stood at Rs 353.05 crore, down by 6.08% from Rs 375.91 crore of previous quarter.

Operating profit (EBITDA) was at Rs 167.15 crore in Q3, up by 3.48% versus Rs 161.53 crore in Q2FY17.

During the Q3 meeting held on February 11, 2017, MGL stated that the board of directors inter alia, has declared interim dividend of Rs 8 per equity share of Rs 10 each (i.e. 80 %) on the equity shares of the company for the Financial Year 2016-17.