Business
Indraprashta, Mahanagar Gas hit 52-week lows on disappointing Q3 results
Shares in City Gas Distribution (CGD), Indraprastha Gas (IGL) and Mahanagar Gas (MGL) each hit 52-week lows on the BSE in intraday trade on Wednesday, after the companies reported disappointing quarter-end figures for 2021 December (Q3FY22) and concerns over the influx of electric vehicles (EVs).
IGL and MGL supply compressed natural gas (CNG) to the transportation sector and pipeline natural gas (PNG) to the domestic industrial and commercial sectors.
Among individual stocks, MGL fell 6 percent to Rs 781.20, falling for the fourth straight session. The stock has fallen 39% from a 52-week high of Rs 1,284 touched on June 16, 2021.
In the third quarter of fiscal 2022, MGL’s EBIT and earnings before depreciation and amortization (ebitda) margin decreased by 28.66% from 43.06%, mainly due to higher managed pricing mechanism (APM) and market-determined natural gas prices . The company’s net income from operations rose 72% year-on-year to Rs 2,473 crore. Net profit rose 14.34% year-on-year to Rs 465 crore.
IGL shares fell 3 percent to 379 rupees, also a 52-week low in intraday trade on the BSE today. The stock has corrected 37% from its 52-week high of Rs 604 on September 14, 2021. In Q3 FY22, the company’s Ebitda margin fell to 21% from 35% in Q3 FY21. Volumes in the quarter were strong year over year and quarter over quarter. Total sales were 7.7mmscmd (up 22% year over year), CNG sales were 5.6mmscmd (+26%) and PNG sales were 2mmscmd.
IGL can increase sales in new districts such as Rewari, Karnal and Muzzafarnagar; Haryana City Gas; and 10th round of newly awarded GAs – Kaithal (Haryana), Ajmer, Pali and Rajsamand (Rajasthan) , and Kanpur, Fatehpur and Hamirpur (Uttar Pradesh).
However, in the long run, the introduction of electric vehicles may dent CNG demand, which is also endorsed by the company, so it plans to build 50 EV battery swap stations. Motilal Oswal Financial Services said in a results update that its entry into new ventures (as well as LCNG stations) will eventually lead to dilution of CGD’s margins, and the stock is rated Neutral.
Complete News Source : Business Standard
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