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Analyst Meet / AGM
11-Aug-17
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Conference Call
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Mahanagar Gas
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Volume growth outlook of 6-8% for FY18
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Highlights of the Concall
- Income from operations of Mahanagar Gas stood at Rs.582.85 crore in Q1FY18 compared to Rs.534.14 crore in corresponding quarter of previous financial year. The net increase is a result of increase in sales volumes and reduction in selling prices of both CNG and PNG in view of lower input gas cost.
Mahanagar Gas (MGL) has reported an increase of 34.1% in Net Profit after tax at Rs.124.33 crore for the quarter ended 30 June, 2017 compared to Rs. 92.73 crore for the quarter ended 30 June, 2016.
- The company has recorded overall volume growth of 2.7% consisting of growth of 1.4% in its CNG volumes and 6.7% in PNG volumes. EBITDA margin has improved to 38.3% as compared to 31.5% in corresponding quarter of previous financial year.
- Total volumes of the company rose 2.72% YoY to 233.54 scm million (2.57 MMSCMD) in Q1FY18.
- CNG volumes rose 1.36% YoY to 171.48 scm million in Q1FY18 while PNG volumes rose 6.67% to 62.06 scm million.
- Domestic PNG volumes increased 12.71% YoY in Q1FY18 to 29.43 scm million while Industrial users volumes rose 1.74% to 32.63 scm million.
- APM gas cost reduced to $ 2.48 per mmbtu in Q1FY18 from $ 3.06 per mmbtu in Q1FY17
- Gross margin improved to 56.2% in Q1FY18 from 48.92% in Q1FY17 lead by better price realizations linked to higher alternate fuel prices incase of industrial and commercial customer category, reduced gas cost, favourable exchange rate and lower tax (LBT, octroi etc., in Mumbai abolished).
- Mahanagar Gas has started operations in Raigad with its first CNG filling station at Karjat. MGL plans to open several more CNG stations in Karjat and other adjoining areas in the future. The company also plans to provide Piped Natural Gas (PNG) for households, industrial and commercial purpose in Raigad district.
- MGL has also identified sites on the Mumbai-Pune Expressway and will install CNG dispensers in existing OMC stations along the highway.
- Mahanagar Gas has started Piped Natural Gas (PNG) supply in Uran. Initially gas will be supplied to 50 consumers. The PNG benefits will be extended to other nearby areas by connecting more than 7000 households.
- CNG conversion is steady at 5000-6,000 vehicles per month, which consists of 1200 autos, 4000-4,500 private cars including aggregators, balance constituted by meter taxis and others.
- The company has maintained its volume growth outlook of 6-8% for FY18.
- In Q1FY18, MGL has hiked prices to offset higher costs on account of GST. MGL has seen minimal impact of demonetization on its Industrial or commercial segment
- Cab aggregators have been given time till February 2018 to convert to cleaner fuels. The company stated that the scheme has contributed around 500-1,000 conversions per month. All new aggregator vehicles are on CNG.
- The company expects capex of Rs 275 crore in FY18. MGL aims to add around 20-25 CNG outlets in FY18, with 50% of these being owned and operated by MGL. In Q1FY18, it added 3 outlets
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