Capitaline

Analyst Meet / AGM 23-May-18

Conference Call

Mahanagar Gas

Expects capex of Rs 270 crore in FY18 and Rs 300 crore in FY19

Mahanagar Gas held a conference call to discuss the results for the quarter ended March 2018 and way forward. Managing Director- Mr. Rajeev Mathur and CFO Mr. Sunil Ranade of the company addressed the call
Highlights of the Concall

Net sales increased 11.7% to Rs 586.98 crore in Q4FY18 compared to Q4FY17. Operating profit increased 8% to Rs 176.16 crore while net profit was up 5.3% to Rs 104.76 crore.

For FY18 Net sales increased 9.8% to Rs 2233.01 crore compared to FY17. Operating profit increased 21.1% to Rs 780.11 crore while net profit was up 21.5% to Rs 477.87 crore.

Total volumes were up 6.9% YoY and 2.2% QoQ to 2.8 mmscmd. CNG volumes increased 6.8% YoY and 2% QoQ to 2.05 mmscmd while PNG volumes rose 5.7% YoY and 1.4% QoQ to 0.74 mmscmd

Domestic PNG domestic grew 9.4% YoY and 2.9% QoQ to 0.35 mmscmd while PNG industrial volumes rose 5.4% YoY and was flat QoQ to 0.39 mmscmd.

The company added 1 lakh new consumers in PNG-domestic, taking the cumulative number to 1.03 million households, implying 30% penetration of addressable market. It expects addition of around 200000 connections in FY19.

The company added of 440 I & C customers (Industrial and commercial) taking total number to 3600 I/C customers.

The company added 19,600 vehicles added in Q4FY18 of which 13,000 were autos and balance were taxis and private vehicles taking the total number to around 6 lakh.

The company added 20 new CNG stations and upgraded 14 existing ones, taking the total number to 223 CNG stations. It further plans to add 35 stations i.e., 20 new and 15 up gradation in FY19.

The company added 3,000 domestic consumers in Raigad. 6-7 major towns planned this year through virtual pipelines- 5 CNG stations are operating and 3 are expected to come up soon.

Higher operating expenses due to higher Spot LNG prices at US $11/mmbtu in Q4FY18 compared to US $ 9/mmbtu in Q3FY18 and higher maintenance activities and provisions.

Spot LNG prices have cooled in Q4FY19 compared to Q4FY18.

The company reported one off impact of Rs 8 crore related to debit note from gas suppliers on account of changes in Gujarat VAT regulations, wherein input credit was not available and Rs 3.7 crore expenses was due to GST disallowance on gas transportation. Both are expected to be recurring on prorated basis.

The company expects capex of Rs 270 crore in FY18 and Rs 300 crore in FY19.

The company is looking at around 20 cities in the upcoming 9th round of CGD (City gas distribution) auction. Bids are due on July 10.

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