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Analyst Meet / AGM
13-May-19
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Conference Call
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Mahanagar Gas
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Expects its total volume to grow by 6% in FY20
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Mahanagar Gas held a conference call to discuss the results for the quarter ended March 2019 and way forward. Managing Director- Mr. Sanjib Datta and CFO Mr. Sunil Ranade along with Senior Vice President Commercial -Mr.Rajesh Wagle, of the company addressed the call.
Highlights of the Concall
- LNG imports have witnessed significant increase over the past few years. The company expects LNG demand to witness significant growth going ahead due to shift to cleaner fuels like CNG, PNG etc in order to reduce emission and Government's push towards clean energy is prompting all public vehicles in the city to convert to CNG.
- Net sales increased 23.1% to Rs 722.54 crore in Q4FY19 compared to Q4FY18 while Net profit was up 27.4% to Rs 133.46 crore compared to Q4FY18. Net sales was up 25% in FY19 to Rs 2791.07 crore while net profit was up 14.3% to Rs 546.39 crore
- Higher revenue growth was on the back of strong volumes from CNG and PNG segment on yearly basis and better realizations
- Total volumes were up 7.4% YoY in Q4FY19 to 270.49 SCM million. CNG volumes increased 6.9% YoY to 197.57 SCM million while PNG volumes rose 9.1% YoY to 72.93 SCM million.
- For FY19 Total volumes were up 9.2% YoY to 1076.71 SCM million. CNG volumes increased 9.2% YoY to 790.94 SCM million while PNG volumes rose 9.2% YoY to 285.77 SCM million.
- Domestic PNG domestic grew 11% YoY to 35.21 SCM million in Q4FY19 while PNG industrial volumes rose 7.3% YoY to 37.71 SCM million.
- For FY19 Domestic PNG domestic grew 10.7% YoY to 137.55 SCM million while PNG industrial volumes rose 7.8% YoY to 148.22 SCM million.
- The company added 38,800 domestic households in Q4FY19.
- Total 3 CNG stations were added in Q4FY19. Overall CNG station of the company as on date is 236 stations out of which 10 are in Raigad district
- The company added total 13 CNG filing stations in FY19. It plans to add 20 CNG filling stations in FY20. Capex for single station is around Rs 2.25 crore.
- In Q4FY19, Higher quarterly operating expense is attributable to CSR spend, repairs and certain provisioning under new accounting standards Ind AS 116.
- Production sharing contract of PMT gas field will expire on December19, as the private players are reluctant to extend the same beyond Dec'19. As MAHGL is receiving a gas from PMT field, any production loss/fall in this field could be recovered from APM/imported LNG.
- Total cash and cash equivalent stood at Rs 953 crore as of FY19-end. Rising cash even after capex and dividend payment will be utilised for organic/inorganic opportunity even though the company did not divulge the details thereof.
- Marketing exclusivity in Mumbai and Thane region is over, which is valid up to 2020 in Raigad. In case of Mumbai (GA1) and Thane (GA2) region, the PNGRB is yet to declare the pipeline network as a common carrier. However, the company does not see any new entrant for marketing CNG and PNG in the greater Mumbai region.
- The company expects its total volume to grow by 6% in FY20
- The company expects margins to improve in the coming quarters.
- The company incurred capex of Rs 360 crore in FY19 and expects capex of Rs 450 crore for FY20
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