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City gas volumes crawl even as price worries loom
Mint Mumbai
|August 25, 2023
City gas distribution (CGD) companies such as Indraprastha Gas Ltd (IGL), Mahanagar Gas Ltd (MGL) and Gujarat Gas Ltd have seen their stock prices decline 4-11% in August after the June quarter earnings failed to lift investor confidence.
Their lower-than-expected volumes reported during Q1 dampened sentiments and analysts are watchful after slight rise in spot gas prices.
Earnings of CGD companies in Q1 were a mixed bag. While IGL and MGL saw a sequential margin improvement, Gujarat Gas saw a decline. MGL’s Ebitda per standard cubic meter (scm) of gas at ₹16.80 improved from ₹9.10 in the year ago quarter, and ₹12.80 in the previous quarter. IGL Ebitda per scm, at ₹8.60 also improved from ₹6.30 in the previous quarter, but remained flat on a year-on-year (y-o-y) basis. However, Gujarat Gas’s Ebitda per scm at ₹4.60 was lower than ₹6.80 in the year-ago quarter, and ₹7.00 in the previous quarter.
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