Mahanagar Gas shares rise nearly 3% on strong quarterly earnings

By Aditya Bhagchandani Published on January 24, 2024, 13:35 IST

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.

Aditya Bhagchandani

Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.