Mahanagar Gas Limited (MGL) has reported a 98.9 per cent year- on- year (YoY) rise in net profit of the first quarter of financial year 2023-24. Net profit during the quarter stood at Rs 3.68 billion against Rs 1.85 billion profit in the same period during FY 2022-23.
The revenue from operations witnessed a rise of 6 per cent on YoY basis from Rs 15.93 billion to Rs 16.9 billion for the same duration.
The net sales witnessed a rise of 5.7 per cent on YoY basis from Rs 14.54 billion to Rs 15.38 billion for the same duration. In addition to this, MGL also witnessed a 82.55 per cent increase in earnings before interest, taxes, depreciation, and amortisation (EBITDA) from Rs 2.85 billion to Rs 5.21 billion.
The total sales volume stood at 310.5 million metric standard cubic meter (mmscm), compressed natural gas (CNG) volumes at 225.81 mmscm and piped natural gas (PNG) volumes at 84.68 mmscm during the third quarter of FY 2022-23.
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.