Mahanagar Gas net profit declines 46% in Q2
Mahanagar Gas Q2 profit after tax declined 46% to Rs 144 cr and profit before tax held at Rs 195.03 crore in Q2 September 2020, which is falling of 23.8% per year from Rs 255.84 crore in Q2 September 2019. Total tax expense stands at Rs 50.69 crore in Q2 September 2020 against a tax rebate of Rs 14.78 crore in Q2 September 2019.
Sequentially, CNG sales volumes jumped 168.64% to 117.40 million SCM (standard cubic meter) and total PNG sales volume rose 27.33% to 73.33 million SCM in Q2 September 2020 over Q1 June 2020. Total volumes jumped 88.30% quarter-on-quarter to 190.74 million SCM in Q2 September 2020.
Mahanagar Gas Limited, (MGL) one of India’s leading Natural Gas Distribution Companies was incorporated on 8th May 1995. GAIL (India) Limited (Maharatna Company of Govt. of India) is the promoter of MGL.
MGL has all the resources and competencies required from concept to commissioning of gas distribution networks available in-house. The entire business in MGL has been integrated through the ERP-SAP system. MGL has got a track record of almost 100% reliability in its gas supply. During the devastating floods of Mumbai in July 2005, when most other utilities failed, MGL’s gas supply continued uninterruptedly.
Today, shares of Mahanagar Gas were trading 0.63% higher at Rs 884 on BSE.