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    MGL Q1 results: Net profit jumps 351% on low base of last year

    MGL Q1 results: Net profit jumps 351% on low base of last year

    MGL Q1 results: Net profit jumps 351% on low base of last year
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    By PTI  IST (Published)

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    CNG sales volume recovered over last year when the country was under lockdown that impacted mobility but was lower than the preceding quarter.

    Mahanagar Gas Ltd, the firm that retails CNG and piped cooking gas in Mumbai and other places, on Thursday reported a 351 percent jump in its June quarter net profit as volumes recovered over a low base of last year.
    Net profit of Rs 204.08 crore, or Rs 20.66 per share, in April-June compared with Rs 45.25 crore, or Rs 4.58 a share, in the same period a year back, according to a stock exchange filing by the company.
    CNG sales volume recovered over last year when the country was under lockdown that impacted mobility but was lower than the preceding quarter.
    The company's 141.11 million standard cubic meters CNG sales in April-June was 223 percent higher than the previous year but 22.5 percent lower than January-March.
    Piped natural gas supplies to households at 42.57 million standard cubic meters was 9.14 percent higher year-on-year and 3.5 percent over the previous quarter.
    Total gas sales at 2.398 million standard cubic metres per day in April-June was double of last year but 17 percent lower than the previous quarter. Turnover was up 135 percent at Rs 615.49 crore.
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