Mahanagar Gas Q1 Review – Impressive Performance Amid Restrictions: Prabhudas Lilladher

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Prabhudas Lilladher Report

We increase our earnings estimates of Mahanagar Gas Ltd. by 8.5%/10% as we factor in higher margins even as we leave volume assumptions unchanged.

Record margins of Rs 13.9/ standard cubic meter (up 15% QoQ), made up for volumes which declined to 218 million standard cubic meter (down 16% QoQ), due to lockdown restrictions.

Mahanagar Gas remains a play on increased gas usage from rising vehicle and piped natural gas penetration in a benign gas price environment.

We continue to like the company’s business, given its dominating share in growing markets of Mumbai and suburbs.

Click on the attachment to read the full report:

Prabhudas Lilladher Mahanagar Gas Q1FY22 Result Update.pdf


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