CLSA has maintained its ‘Outperform’ rating on Mahanagar Gas Limited (MGL) and set a target price of ₹1,710, implying an upside of 34.1% from the current market price of ₹1,275.10. The brokerage highlighted a positive surprise on margins, which led to a PAT beat in Q3FY25.
MGL’s volumes were in line with expectations, indicating steady demand. Additionally, lower tax expenses helped offset the impact of higher depreciation and interest costs, providing further support to the company’s earnings performance.
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