Capitaline

Analyst Meet / AGM 15-Feb-18

Conference Call

Mahanagar Gas

Expects volume growth of 5-6% in FY19

Mahanagar Gas held a conference call to discuss the results for the quarter ended December 2017 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 15.3% to Rs 581.41 crore in Q3FY18 compared to Q3FY17. Operating profit increased 23% to Rs 144.05 crore while net profit was up 25.2% to Rs 123.98 crore.

Total volumes were up 7% YoY and 1% QoQ to 2.74 mmscmd. CNG volumes increased 6.6% YoY and 0.5% QoQ to 2.01 mmscmd while PNG volumes rose 8% YoY and 4% QoQ to 0.73 mmscmd

Domestic PNG domestic grew 10% YoY and 5% QoQ to 0.34 mmscmd while PNG industrial volumes rose 7% YoY and 3% QoQ

During Q3FY18 around 18,000 vehicles got converted to CNG and for 9MFY18 around 44,000 vehicles got converted. Also, PNG domestic customer addition for 9MFY18 was at 60,000.

The company expects that the Raigad district is likely to contribute to CNG and industrial volumes going forward. The company has set up one CNG station in Raigad and will open another three –four station at Karjat

The company is confident of maintain its margin given appreciating exchange rate, high price of competing fuel like furnace oil and LPG along with higher share of domestic APM volumes against PMT volumes earlier

In 9MFY18 the company incurred capex of Rs 150 crore. The company expects capex of Rs 250 crore for FY19

The company expects volume growth of 5-6% in FY19

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