Mahanagar Gas Ltd.'s fourth-quarter profit fell, missing analysts' estimates.
The company's net profit fell 20.46% quarter-on-quarter to Rs 252.3 crore in the January-March period, according to its exchange filing on Friday. This compares with a Rs 296.79-crore consensus estimate of analysts tracked by Bloomberg.
Mahanagar Gas Q4 FY24 Results Highlights (Consolidated, QoQ)
Revenue up 2.76% to Rs 1612.6 crore versus Rs 1568.8 crore (Bloomberg estimate: Rs 1547.4 crore).
Ebitda down 11.95% to Rs 395 crore versus Rs 448.7 crore (Bloomberg estimate: Rs 421.5 crore).
Margin at 24.49% vs 28.6% (Bloomberg estimate: 27.2%).
Net profit down 20.46% to Rs 252.3 crore vs Rs 317.2 crore (Bloomberg estimate: Rs 296.8 crore).
Dividend
Mahanagar Gas' board also approved a final dividend of Rs 18 per equity share for the financial year 2024. This is in addition to the interim dividend of Rs 12 per equity share paid to all eligible equity shareholders earlier. Accordingly, the total dividend for financial year 2024 will be Rs 30 per equity share.
Sales Volume
Total volumes for the quarter rose 2.95% quarter-on-quarter to 3.779 million metric standard cubic meter per day.
Growth in sales volume was driven by the industrial/commercial petroleum natural gas segment, which grew 7.08% quarter-on-quarter to 50.08 million standard cubic meter.
Domestic petroleum natural gas segment's sales volume grew 5.08% sequentially to 51.26 million standard cubic meter, while the compressed natural gas segment had the least growth at 0.16%. It is key to note that the CNG segment contributes to almost 70% of Mahanagar Gas' total sales volume.
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