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Analyst Meet / AGM
30-May-17
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Conference Call
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Mahanagar Gas
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Expects a capex of Rs 250-270 crore for FY18
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Mahanagar Gas conducted conference call to discuss results for the quarter and year ended March 2017. Mr. Rajeev Mathur- Managing Director, Mr. Sunil Ranade-Chief Financial Officer and Mr. Rajesh Wagle-Senior Vice President, Commercial of the company addressed the Concall.
Highlights of the Concall
- Around 17,000 new CNG vehicles on board in Q4FY17 of which taxis were 320, private vehicles (incl. app-based aggregators) were 13,500 and balance autos.
- Around 26,000 PNG domestic customers and 123 industrial/commercial customers were added in Q4FY17. MGL has added 110,000 new customers in FY17. Management is targeting 50% higher additions going ahead.
- As of 31 mar 2017, there were 950000 households, 203 CNG stations, 0.55 million CNG vehicles and 3200 industrial & commercial customers, where industrial customers are 60-70.
- Around 20% of private vehicles in Mumbai has already shifted to CNG, which can reach to 40% subject to availability of CNG stations and availability of OEM fitted CNG vehicles in long-term
- Total volumes of the company rose 0.2% QoQ to 235.94 scm million in Q4FY17. For FY'17 volumes rose 5.4% to 937.88 scm million.
- Domestic PNG volumes increased 0.38% QoQ in Q4FY17 to 62.59 scm million. Domestic PNG volumes increased 1.93% to 29.10 scm million while Industrial users volumes fell 0.92% to 33.49 scm million.
- For FY17 PNG volumes rose 6.49% to 244.43 scm million. Domestic PNG volumes increased 9.37% to 110.69 scm million while Industrial users volumes rose 4.22% to 133.74 scm million
CNG volumes rose 0.15% QoQ in Q4FY17 to 173.34 scm million The company expects volume growth of 6-8% in the near term. For FY17 volumes rose 5% to 693.45 scm million.
- Total sales of the company rose 4% in Q4FY17 to Rs 520.93 crore compared to Q3FY17 attributable to pass through of increase in input gas cost on (Input VAT credit removed under Gujarat VAT Act 2003 for interstate sale) for CNG and Domestic PNG and better utilisation in Industry/ commercial prices linked to alternate fuel prices. CNG sales grew 1.74% to Rs 359.19 crore and PNG sales grew 9.08% to Rs 160.89 crore.
- FY17 sales fell 2.24% to Rs 2019.81 crore on account of pass through of net reduction in input gas cost. CNG sales fell 2.27% to Rs 1433.6 crore while PNG sales fell 2.31% to Rs 584.04 crore.
As State Taxi Scheme, Taxi aggregators have been given time till February 2018 to convert to cleaner fuels.
MGL has identified 6 CNG location, and is targeting supply to 100-200 households in Uran at Raigad from June 2017. 1 CNG station already commissioned in Karjat and 1 CNG station added at Mumbai-Pune expressway. MGL's Initial target is to connect 1000 households in Uran and 3 more new CNG stations in FY18.
The company expects a capex of Rs 250-270 crore for FY18. FY17 capex stood at Rs 270 crore
Natural gas will be impacted in industrial segment as LS/HS (Low Sulphur Heavy Stock) and FO (Furnace Oil) will be covered under GST, unlike natural gas. Natural gas will continue to bear VAT (13.5%) and excise duties. The company, however, will benefit as octroi and LBT (Local body tax), which are currently levied, will be subsumed under GST rendering annual net benefit of Rs 15 crore. The company expects some resolution for natural gas going forward.
The company foresees limited impact from the gradual onset of electric vehicles as India is under prepared in terms of necessary infrastructure.
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