Mahanagar Gas Limited (MGL) has reported a 106.44 per cent year- on- year (YoY) rise in net profit of the second quarter of financial year 2023-24. Net profit during the quarter stood at Rs 3.38 billion against Rs 1.63 billion profit in the same period during FY 2022-23.
The revenue from operations witnessed a rise of 0.66 per cent on YoY basis from Rs 17.17 billion to Rs 17.28 billion for the same duration.
The net sales witnessed a rise of 2.15 per cent from Rs 15.38 billion in the first quarter to Rs 15.71 billion in the second quarter of FY 2023-24. In addition to this, earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 4.97 billion during the period under consideration.
The total sales volume stood at 3.575 million metric standard cubic meter per day (mmscmd), compressed natural gas (CNG) volumes at 237.62 standard cubic meter (scm) million and piped natural gas (PNG) volumes at 91.25 scm million during the second quarter of FY 2023-24.
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.