Mahanagar Gas (MGL) Q3 24/25 earnings summary

Executive summary

• Connected 98,469 new domestic households and added nine CNG stations in the quarter, reaching 2.68 million households and 361 stations cumulatively as of December 2024.

• Sole authorized distributor of CNG and PNG in Mumbai, Thane urban, and Raigad, with over 25 years of consistent growth and robust infrastructure exclusivity in key regions.

• Completed 100% acquisition of Unison Enviro Private Limited (UEPL) in February 2024, expanding operations to new geographical areas in Maharashtra and Karnataka.

• Unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024, were approved and released, with a limited review by statutory auditors confirming no material misstatements.

• Strong management team with extensive experience in the oil and gas sector, supported by blue-chip shareholders including GAIL and the Government of Maharashtra.

Financial highlights

• Revenue for FY24 stood at INR 68.62 billion, with a 5-year CAGR of 17.5%.

• EBITDA for nine months ending December 2024 was INR 1,131 crore; net profit after tax was INR 793 crore.

• Standalone revenue from operations for Q3 FY25 was ₹1,929.01 crore, up 11.9% year-over-year; consolidated revenue was ₹2,031.51 crore.

• PAT for FY24 was INR 12.89 billion, with a 5-year CAGR of 15.8%.

• EBITDA margin for FY24 was 29.51%.

Outlook and guidance

• Projected annual volume growth of around 13% for FY25, with double-digit growth expected to continue next year, primarily driven by CNG and industrial/commercial segments.

• Plans to add over 180 km of steel pipeline and 250 CNG filling stations in the next five years.

• EBITDA per SCM guidance maintained at INR 10–12, with margins expected to remain stable barring major external shocks.

• Interim dividend of ₹12.00 per share (120% of face value) declared, with record date set for February 3, 2025.