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Dolat Capital Report
Mahanagar Gas Ltd.’s Q4 FY22 results were in line with estimates on revenue front and below estimates on profitability front. Volumes at 3.17 metric million standard cubic meter per day (up 9.6% YoY and down 4% QoQ), against our estimates of 3.5 mmsmcd.
Mahanagar Gas' realisations improved to Rs 37.9/standard cubic meter (up 38.6% YoY and 12.8% QoQ).
The compressed natural gas segment (up 12.5% YoY and down 6.8% QoQ) took a hit due to the effect of third wave of Covid in January-February 2022.
However, in the month of March recovery was seen and volumes were up by 14%.
The piped natural gas segment reported growth of 2.8% YoY and down 4.2% QoQ. This segment took a hit due to higher price of regassified liquefied natural gas which have put pressure on margins.
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