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Motilal Oswal Report
Mahanagar Gas Ltd.'s Ebitda inched up 1% YoY to Rs 3.9 billion in Q4 FY24, mainly driven by a 12% YoY rise in volumes, which offset an 11% decline Ebitda/standard cubic metre to Rs 11.5. In Q4, the company completed the acquisition of Unison Enviro Pvt. Ltd..
Besides weaker Ebitda/scm margin, Q4 profitability was hit by a surge in marketing expenses and FY24 CSR expenses being booked in Q4.
I/C PNG growth was driven by high consumption among new customers. The company guarantees a 10% discount on gas prices compared to alternate fuels for the first three years to new customers in the geographical areas-3 region.
In geographical areas-2, the discount is provided only to new customers with high gas offtake. This has helped catalyze volume growth, and the management remains confident of growing this segment in double digits.
According to the management, CNG conversion momentum remained robust at ~20,000 in Q4. Mahanagar Gas is seeing good initial response to its marketing scheme in the commercial goods vehicle segment, albeit at a low base.
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