Mahanagar Gas reports increase in net profit during fourth quarter of FY 2022-23

Mahanagar Gas Limited (MGL) has reported a 104 per cent year- on- year (YoY) rise in net profit of the fourth quarter of financial year 2022-23. Net profit during the quarter stood at Rs 2.68 billion against Rs 1.31 billion profit in the same period during FY 2021-22.

The revenue from operations witnessed a rise of 67 per cent on YoY basis from Rs 11.87 billion to Rs 17.71 billion for the same duration and the net profit for the entire FY 2022-23 increased by 32 per cent to Rs 7.9 billion from Rs 5.96 billion in FY 2021-22.

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) Limited.