MGL share price: Mahanagar Gas Ltd. (MGL) reported its financial results for the fourth quarter of the fiscal year 2024, indicating a decline in profit and flat revenues compared to expectations. At around 12:27 a.m., shares of MGL traded -3.18 per cent, or Rs 42.30, lower at Rs 1287.55 apiece. Meanwhile, its market capitalisation stood at Rs 12,718.13 crore at around the same time.

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Profit After Tax (PAT) declined by 16.5% to Rs 265 crore in comparison to last year. MGL recorded revenues of Rs 1567 crore, marginally lower than Q4 FY23, representing a decrease of 0.1%. Zee Business analysts had pegged MGL's Q4 FY24 revenue at Rs 1560 crore. The Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) stood at Rs 394 crore, down by 12.2% from Q4 FY23 value. Margins for the quarter were 25.1%, a decrease from last year's 26.9%.

Total volume for the quarter reached 343.91 SCM million, marking an increase of 1.8%. Compressed Natural Gas (CNG) volumes rose marginally by 0.2% to 242.57 SCM million. Piped Natural Gas (PNG) volumes showed a notable increase of 6.1% to 101.34 SCM million.

Dividend Announcement:

MGL declared a final dividend of Rs. 18 per equity share.

Brokerage views: 

In light of MGL's performance, brokerage firm Macquire maintained a Neutral stance on the company with a target of Rs. 1300. According to stock research portal Trendlyne, the consensus recommendation on MGL from 29 analysts is ‘hold’, with 14 of them signalling a ‘strong buy’. The average 1-year price target for the stock is set at Rs 1395, implying a potential run-up of 8 per cent.