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Q1FY21; MGL net profit falls by 73.42 per cent YoY to Rs 45.25 crore

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Q1FY21; MGL net profit falls by 73.42 per cent YoY to Rs 45.25 crore

Mahanagar Gas Ltd., one of the India's leading natural gas distribution companies, announced its quarterly results on August 7, 2020. The company posted a consolidated net profit of Rs 45.25 crore for Q1FY21, which declined by 73.42 per cent, as compared to Q1FY20 when it reported Rs 170.24 crore.                                                                                                                                                

The consolidated net sales reported in Q1FY21 came in at Rs 277.47 crore, which   declined by 66.62 per cent YoY from Rs 831.19 crore in Q1FY20. At EBITDA level, the company stood at Rs 79.99 crore in Q1FY21 that decreased by 71.11 per cent YoY. For Q1FY20, it posted an EBITDA of Rs 276.83 crore.                                                                                                                                                               

EBITDA margin as of Q1FY21 was at 28.83 per cent that declined by 448 bps YoY. The net profit margin in Q1FY21 came in at 16.31 per cent, which declined by 417 bps YoY. The net profit margin in Q1FY20 was at 20.48 per cent.                                                                                                                                                    

The nationwide lockdown imposed by Government of India (GOI) since last week of March 2020 to curb the spread of COVID-19 reduced the sales volume affecting the operations of the company apart from sales volume of household gas consumed in kitchens.

As the nationwide lockdown is being eased gradually, daily sales volumes for the month of June 20 have picked up and have increased to around 50 per cent compared to normal volumes recorded in pre lockdown period. The sales volume will further pick up with vehicular traffic , opening up of restaurants, industries and other businesses using gas.

The shares of the company closed 1.7 per cent down to Rs 967 in today's session. It has a 52 week high value of Rs 1,246.8 and a 52 week low of Rs 666.4 on BSE.

Particulars

Q1FY21

(Rs in cr)

Q1FY20

(Rs in cr)

per cent

change

Net Profit

45.25

170.24

-73.42

Net Revenue

277.47

831.19

-66.62

Operating Profit

79.99

276.83

-71.11

EBITDAM%

28.83

33.31

-4.48

PATM%

16.31

20.48

-4.17

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