Mahanagar Gas Limited (MGL) has reported a 84.3 per cent year on year (YoY) increase in net profit in the third quarter of financial year (FY) 2023-24. The net profit during the quarter stood at Rs 3.17 billion as against Rs 1.72 billion profit in the third quarter of FY 2022-23.
The revenue from operations witnessed a fall of 6.2 per cent on YoY basis from Rs 18.38 billion in October-December 2022 period to Rs 17.24 billion in October-December 2023 period.
Besides, the net sales witnessed a fall of 0.12 per cent from Rs 15.65 billion in the second quarter to Rs 15.63 billion in the third quarter of FY 2023-24. In addition to this, earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at Rs 4.49 billion during the third quarter as against Rs 4.79 billion in second quarter.
The total sales volume stood at 3.671 million standard cubic meter per day, CNG volumes at 242.17 standard cubic meter (scm) million and PNG volumes at 95.55 scm million during the October- November 2023 period under consideration.
MGL is one of the country’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.