Mahanagar Gas (MGL) Q4 15/16 earnings summary

Executive summary

• FY15-16 operating revenue was ₹2,079 crore vs ₹2,095 crore; PAT rose to ₹309 crore from ₹301 crore. Average daily gas sales grew over 2% to 2.43 MMSCM.

• Shares listed on BSE and NSE on July 1, 2016 through a 25% promoter offer for sale; the issue was subscribed around 64 times.

Financial highlights

• Net revenue from operations was ₹2,078 crore vs ₹2,078 crore in FY14-15; total revenue was ₹2,122 crore vs ₹2,136 crore.

• PBT increased to ₹469 crore from ₹449 crore; PAT was ₹309 crore vs ₹301 crore.

• Profit before interest and depreciation was ₹556 crore vs ₹530 crore; net profit growth came amid lower natural gas purchase costs.

Outlook and guidance

• Five-year priorities: deepen PNG and CNG penetration in existing areas, add CNG stations, and accelerate CGD rollout in Raigarh.

• Further investment in CNG infrastructure was planned for the next fiscal year to serve expected demand growth.

• Growth options include PNGRB bids, equity stakes in established CGD entities, hybrid CNG/diesel vehicles and CNG two-wheelers.