Mahanagar Gas Limited (MGL) reported a 351 per cent jump in its net profit for April-June quarter of financial year (FY) 2022 as volumes recovered over a low base of the first quarter of FY 2021. MGL recorded a net profit of Rs 2.04 billion in April-June 2021 compared with Rs 450 million during the same period in 2020.
The company’s 141.11 million standard cubic meters compressed natural gas sales in April-June 2021 was 223 per cent higher than the corresponding quarter of FY 2021 but 22.5 percent lower than the fourth quarter of FY 2021. Meanwhile, piped natural gas supplies to households at 42.57 million standard cubic meters was 9.14 per cent higher year-on-year and 3.5 per cent higher over the previous quarter.
MGL is one of India’s leading natural gas distribution companies. It has a natural gas distribution network in Mumbai and its adjoining areas and is promoted by GAIL (India).