Buy / Sell Mahanagar Gas share
Mahanagar Gas reported a very strong set of numbers in the fourth quarter with a big beat on margins.
In an interview to CNBC-TV18, Rajesh Patel, Chief Financial Officer at Mahanagar Gas Limited said that the company has hiked its prices in the month of April and has passed on some to it to the consumers.
“In the month of April, we have taken an increase of roughly Rs 16 per kg delivered price. There was an increase in the APM gas prices from $2.9 to $6.10 per mmBtu. To cover up or pass through that, we have taken this last price increase which was taken in a staggered manner throughout April,” Patel said.
He added, “We have taken some part of hit looking at the customer affordability, keeping in mind the kind of volume growth and vehicles which are coming on to CNG. Currently, we are at around Rs 76 per kg with respect to CNG and we have passed through a similar increase in case of domestic as well.”
In terms of volumes, Patel said that compared to last year, volumes have improved substantially. He said,“We have clocked around 3 million mmscmd volume for the year as an average against 2.211 mmscmd in the previous year, which is a growth of around 36 percent. Within that, we have had a very good growth for CNG so CNG has clocked almost 49 percent increase over last year.”
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