Mahanagar Gas Q4 Results: Net profit rises 204% to ₹268 crore, dividend declared

Mahanagar Gas’s Q4FY23 net profit jumped 204 per cent to ₹268 crore compared to the corresponding quarter last year. For the quarter ended March, the leading natural gas distributer posted a total revenue of ₹1,610.5 crore, down 3.64 per cent from ₹1,671.39 crore in the corresponding quarter of FY22.

The company’s board has declared a final dividend of ₹16 per equity share with a face value of ₹10 each for FY23. The company said in its regulatory filing to the stock exchanges that that the final dividend is in addition to the interim dividend of ₹10 per equity share (i.e. 100 per cent) paid to all the eligible equity shareholders, as declared by the board on February 2, 2023.

With this, the total dividend for FY23 will be Rs. 26 per equity share having face value of Rs. 10 each (or 260 per cent). The company operating performance or EBITDA (earnings before interest, taxes, depreciation, and amortisation) came in at ₹389.6 crore, registering a growth of 52.16 per cent from ₹256.10 crore in the same period last year.

For the entire fiscal 2022-23, the state-run company reported a net profit of ₹790 crore, which is 32 per cent higher against ₹596 crore recorded in FY22.

Earlier this year, Mahanagar Gas reduced the price of compressed natural gas by ₹8 per Kg and domestic piped natural gas by ₹5 per standard cubic metre (SCM) in and around Mumbai. The reduced price of CNG at ₹79 per Kg and domestic PNG at ₹49 per SCM was effective from midnight of April 7, 2023.

On May 8, shares of Mahanagar Gas closed 1.98 per cent higher at ₹999.35 apiece on the BSE.

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