Revenue from operations marginally increased to Rs 1,690 crore in the quarter, compared to Rs 1,593 crore in the same period last year.
Mahanagar Gas: The natural gas distribution company has reported profit at Rs 368.4 crore for the quarter ended June FY24, rising 37% over previous quarter backed by lower cost of natural gas and traded items. Revenue from operations fell 4.5% sequentially to 1,537.8 crore during the quarter.
Mahanagar Gas Limited (MGL) on August 3 reported a two-fold increase in consolidated net profit in the first quarter of the financial year 2022-23, on account of decline in domestic gas and LNG prices.
Consolidated net profit of the city gas distribution company stood at Rs 368.40 crore in Q1FY24, compared to Rs 185 crore in the year-ago period, according to an exchange filing from Mahanagar Gas.
Sequentially, the net profit jumped by 37 percent as it stood at Rs 269 crore in the quarter ended March 31.
Revenue from operations marginally increased to Rs 1,690 crore in the quarter, compared to Rs 1,593 crore in the same period last year. EBITDA was at Rs 560.22 crore in Q1FY24.
The company said that total gas sales volume for the quarter was 3.412 mmscmd (million metric standard cubic meter per day), which was slightly lower than 3.448 mmscmd in Q1FY23.
CNG sales volume of the company stood at 225.81 million standard cubic meter (scm), compared to 231.09 million scm in the same period last year.
Piped natural gas supplies to households stood at 45.10 million scm while industrial sales volume was 39.58 million scm in the quarter.
Shares of MGL closed at Rs 1,121.70 a piece on the BSE, up 2.22 percent.
