Net revenue from operations declined by 6% year-over-year (YoY) to Rs 1,568.76 crore during the period under review. EBITDA improved by 75% to Rs 448.69 crore in Q3 FY24 from Rs 256.1 crore in Q3 FY23. EBITDA margin for Q3 FY24 was 28.60% as against 15.32% in Q3 FY23.

As compared with Q2 FY23, however, the company’s net profit and net revenue are lower by 6.30% and 0.14%, respectively.

Total volumes for Q3 FY23 totaled to 337.72 SCM million, up 7.6% YoY. CNG volumes added up to 242.17 SCM million (up 6.4% YoY) and PNG volumes aggregated to 95.55 SCM million (up 10.8% YoY).

Mahanagar Gas has established a firm presence in the Greater Mumbai gas distribution business, where it is the dominant player. Its growth is primarily driven by the CNG business, which contributes 70-75% of its revenues at present. The company also supplies piped natural gas (PNG) to industrial, commercial, and residential segments. The company sources most of its gas requirements from GAIL, while a small part is bought from the spot market.