Mahanagar Gas shares rise nearly 3% on strong quarterly earnings

Shares of Mahanagar Gas witnessed a 2.8% gain in trade on January 24 as the company’s quarterly earnings surpassed estimates.

Mahanagar Gas reported a consolidated net profit of Rs 317.18 crore in the December 2023 quarter, marking an impressive 84% increase compared to Rs 172.07 crore recorded a year ago, primarily attributed to lower gas costs.


As of 1:33 pm, Mahanagar Gas shares were trading at ₹1,323.40, reflecting positive market sentiment following the robust financial results.

The company’s earnings before interest, tax, depreciation, and amortization (EBITDA) for the third quarter stood at Rs 496.76 crore, demonstrating a substantial 72.27% increase from Rs 288.35 crore recorded a year back.

Investors are closely monitoring Mahanagar Gas as it continues to capitalize on favorable market conditions and showcases strong financial performance.