MGL shares hit 52-week high on bumper Q4 earnings

Macquarie noted that the EBITDA margin was at near all-time high.

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Bumper quarterly earnings drove investors to buy shares of Mahanagar Gas Ltd (MGL). The stock jumped 7 percent intraday on May 9.

The stock hit 52-week high at Rs 1,072.35 on the BSE today. At 09:46 am, Mahanagar Gas was quoting at Rs 1,060.50, up Rs 61.15, or 6.12 percent. The stock was trading with volumes of 55,202 shares, as compared with its five day average of 14,551 shares, an increase of 279.38 percent.

MGL recorded a net profit of Rs 268.8 crore in the fourth quarter of fiscal year 2022-23. The net profit is more than double as compared to Rs 131.8 crore clocked in the corresponding period of the previous financial year. Revenue from operations in Q4 of FY23 came in at Rs 1,771.8 crore, up 67 percent from Rs 1,187.6 crore in the year-ago period.

Operating margin expanded to 21.99 percent in the quarter under review as compared to 18.14 percent in the year-ago period.

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Macquarie noted that the EBITDA margin was at a near all-time high. Profitability was boosted by the fall in LNG costs and was comfortably above its estimate. The brokerage firm has a ‘neutral’ rating on shares of the gas company with a target price of Rs 925.

According to Jefferies, 4Q EBITDA was 7 percent ahead of Jefferies’s estimate with unit margins ahead of estimates even as overall volumes disappointed, down 1 percent QoQ and 2 percent below the brokerage firm’s estimate. MGL benefited from fall in prices of market-linked LNG feedstock with retail price flat QoQ while net profit was also 9 percent above its estimate.

“We expect strong earnings in 1HFY24E on falling LNG price,” said Jefferies that has a ‘hold’ rating on the stock with a Rs 1,100 target price.

The company will host a conference call later today with volume outlook post the price cut in April, shortfall in APM gas feedstock, term LNG tie-ups and future growth opportunities through inorganic routes, being some key monitorables.