Mahanagar Gas April-June Net Profit Up On Robust Revenue Growth; Beas Estimate

Mahanagar Gas Ltd. on Tuesday reported a 14% on-year rise in net profit to ₹3.24 billion for the April-June quarter, beating analyst expectations of ₹2.73 billion. Sequentially, profit rose 28.6%.

Revenue from operations (net of excise duty) surged 24.3% on year to ₹19.76 billion, and 6% on quarter.

Total expenditure for the quarter rose to ₹17.61 billion from ₹14.01 billion a year ago, driven by higher input costs. Finance cost edged up to ₹37 million from ₹31 million.

Other income declined slightly to ₹386.9 million from ₹401.6 million a year earlier. The company’s tax expense stood at ₹1.13 billion, up from ₹991.6 million a year ago.