Indraprashta, Mahanagar Gas hit 52-week lows on disappointing Q3 results

Shares of city gas distribution (CGD) companies, (IGL) and (MGL) hit their respective 52-week lows on the BSE in Wednesday’s intra-day trade after the companies reported a disappointing set of numbers for the quarter ended December 2021 (Q3FY22) and amid concerns of aggressive influx of electric vehicles (EVs).

IGL and MGL supply compressed natural gas (CNG) to the transport sector and piped natural gas (PNG) to the domestic industrial and commercial sectors.

Among the individual stocks, MGL slipped 6 per cent to Rs 781.20, down for the fourth straight trading day. The stock has tanked 39 per cent from its 52-week high of Rs 1,284 touched on June 16, 2021.

In Q3FY22, MGL’s earnings before interest tax and depreciation and amortization (ebitda) margin declined 28.66 per cent from 43.06 per cent, mainly due to increase in administered pricing mechanism (APM) and market determined gas prices. The company’s net revenue from operations grew 72 per cent year-on-year (YoY) at Rs 2,473 crore. Net profit was up 14.34 per cent at Rs 465 crore on YoY basis.

Shares of IGL were down 3 per cent at Rs 379, also its 52-week low on the BSE in intra-day trade today. The stock has corrected 37 per cent from its 52-week high of Rs 604 hit on September 14, 2021. In Q3FY22, the company’s Ebitda margin declined to 21 per cent from 35 per cent in Q3FY21. The volumes were strong both YoY and QoQ during the quarter. Total volumes stood at 7.7mmscmd (+22 per cent YoY), with CNG volumes at 5.6mmscmd (+26 per cent) and PNG volumes at 2mmscmd.

IGL could increase its sales volume from new areas such as Rewari, Karnal, and Muzzafarnagar; Haryana City Gas; and the newly awarded GAs in the 10th round —Kaithal (Haryana), Ajmer, Pali, and Rajsamand (Rajasthan), and Kanpur, Fatehpur, and Hamirpur (Uttar Pradesh).

However, the introduction of EVs could dent CNG demand over the long term, which is well acknowledged by the company as well, and so it plans to set up 50 EV battery swapping stations. Its entry into new ventures (along with LCNG stations) will ultimately result in margin dilution for CGDs, Motilal Oswal Financial Services said in result update with ‘NEUTRAL’ rating on the stock.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

istanbul escort aksaray escort arnavutköy escort ataköy escort avcılar escort avcılar türbanlı escort avrupa yakası escort bağcılar escort bahçelievler escort bahçeşehir escort bakırköy escort başakşehir escort bayrampaşa escort beşiktaş escort beykent escort beylikdüzü escort beylikdüzü türbanlı escort beyoğlu escort büyükçekmece escort cevizlibağ escort çapa escort çatalca escort esenler escort esenyurt escort esenyurt türbanlı escort etiler escort eyüp escort fatih escort fındıkzade escort florya escort gaziosmanpaşa escort güneşli escort güngören escort halkalı escort ikitelli escort istanbul escort kağıthane escort kayaşehir escort küçükçekmece escort mecidiyeköy escort merter escort nişantaşı escort sarıyer escort sefaköy escort silivri escort sultangazi escort suriyeli escort şirinevler escort şişli escort taksim escort topkapı escort yenibosna escort zeytinburnu escort porno 1080p porno izle 4k porno izle 720p porno izle abella danger alman alman porno alman porno izle aloha tube porno amatör amatör porno amatör porno izle anal anal porno anal porno izle arap porno asa akira porno asyalı porno bangbros porno bangbros porno izle banyoda sikis başörtülü porno beeg porno izle beyaz tenli porno izle biseksuel porno izle bisexsuel porno brandi love porno brazzers brazzers porno izle canli porno canli porno izle çinli porno çinli porno izle ensest porno ensest porno izle ensest seks erotik porno erotik porno izle esmer porno esmer porno izle etek altı fake agent fake taxi fake taxi porno fantazi pornoları fantezi porno izle fetiş porno fetiş porno izle fetish fransız porno fransız porno izle full hd hg porno izle gangbang porno genç kız porno izle genç kız sikişi genç teen porno izle gizli çekim porno gizli çekim pornosu grup pornosu grup porno grup porno izle hd pornolar hd porno hd porno izle hemşire porno hemşire pornosu hizmetçi porno hizmetçi porno izle ingiliz porno japon pornoları japon porno kızlık bozma kızlık bozma porno izle konulu porno konulu porno izle koreli porno köylü pornoları kumral porno kumral porno izle latin pornoları latin porno latin porno izle lezbiyen pornoları lezbiyen porno lezbiyen porno izle lisa ann porno liseli pornoları liseli porno liseli porno izle manken porno manken porno izle masaj porno izle masturbasyon porno izle masturbasyon pornoları mature porno mia khalifa porno mia malkova porno milf porno izle mobil porno mobil porno izle öğrenci porno izle öğretmen porno izle okul porno izle olgun kadın pornosu olgun porno oral porno oral porno izle oral seks porna izle pornhub pornhub porno izle porno film izle porno indir porno izle porno resimler porno star porntube porno izle redtube redtube pornoları riley reid porno rokettube rus pornoları rus porno rus porno izle sakso blowjob porno izle sarışın pornoları sarışın porno sarışın porno izle sarışın pornoları sekreter porno shemale sikiş sikiş sikiş izle şişman porno siyahi pornoları suriyeli pornoları swinger porno tecavüz porno teen porn türbanlı pornoları türbanlı porno türk pornoları türk porno türk porno izle türkçe altyazılı porno türkçe altyazılı porno izle xhamster pornoları xhamster porno xhamster porno izle xnxx xnxx porno xnxx porno izle xvideos xvideos porno izle yaşlı porno yeşilçam porno izle youjizz youporn youporn porno izle zenci porno güvenilir bahis siteleri bahis siteleri casino deneme bonusu casino siteleri deneme bonusu para yatırma bonusu bahis siteleri casino siteleribahis sitesi para yatırma