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Analyst Meet / AGM
02-Aug-18
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Conference Call
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Mahanagar Gas
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Volumes were up 11.9% YoY
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Mahanagar Gas held a conference call to discuss the results for the quarter ended June 2018 and way forward. Managing Director- Mr. Sanjib Datta and CFO Mr. Sunil Ranade of the company addressed the call.
Highlights of the Concall
- Net sales increased 16.7% to Rs 619.35 crore in Q1FY19 compared to Q1FY18 while it was up 5.5% compared to previous quarter. Net profit was up 3.2% to Rs 128.33 crore compared to Q1FY18 and 22.5% compared to Q4FY18.
- Total volumes were up 11.9% YoY and 2.7% QoQ to 261.42 SCM million. CNG volumes increased 12.6% YoY and 4.4% QoQ to 193.08 SCM million while PNG volumes rose 10.1% YoY and 2.2% QoQ to 68.34 SCM million.
- Domestic PNG domestic grew 11.8% YoY and 3.7% QoQ to 32.89 SCM million while PNG industrial volumes rose 8.6% YoY and 0.8% QoQ to 35.45 SCM million.
- The company added 20000 new consumers in PNG-domestic, taking the cumulative number to 1.03 million households, implying 30% penetration of addressable market.
- The company added of 57 I & C customers (Industrial and commercial). Currently there are morte than 3650 I & C customers.
- The company currently serves 700,000 vehicles and has more than 5088 km pipelines
- Spot prices have risen by US $ 2.5 per mmbtu on a YoY basis and stand at US $ 8.75 per mmbtu. In Q4FY18 spot prices was more than US $11 per mmbtu.
- Infrastructure connectivity for GA1 (Mumbai) expires in 2020, which can be extended in blocks of ten years.
- MGL has put in bids for three areas – in Chennai, Andhra Pradesh and Telangana. The government has assured availability of domestic gas for priority segments. Some of the new GAs are based on upcoming trunk pipelines. The minimum work program is for eight years. The demand potential for above GAs is in the range of 1mmscmd each (Andhra Pradesh& Telangana) to 2mmscmd (Chennai).
- PMT gas mix in Q1FY19 was 22.2% compared to 26.1% in Q1FY18. The company expects the share of PMT to reduce as contracts are expiring and fields are in decline.
- The company has finalised the outstanding negotiations with the Oil Marketing Companies (0MC) with respect to the trade discounts being offered to them. Accordingly, considering the final settlement, the company in the current quarter has accounted an additional discount of Rs 12.93 crore relating to period from January 1, 2015 to March 31, 2018, which has been netted off against revenue from operations in the current quarter.
- The company plans to invest Rs 400 crore per annum in the existing GAs (GA-I, II and III) to expand the network
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