 "Mahanagar Gas hits new high on strong Q2 results")
Mahanagar Gas has hit a new high of Rs 828, up 7% on the National Stock Exchange (NSE) in early morning trade after reporting 41% year-on-year (YoY) growth in net profit at Rs 102 crore for the quarter ended September 30, 2016 (Q2FY17), due to lower raw material cost.
The Mumbai-based natural gas distribution company had profit of Rs 72.57 crore in the corresponding quarter last year.
Total income from operations however, declined by 3.2% at Rs 574 crore on YoY basis.
The reduction in sales in mainly due to reduction in selling prices of both compressed natural gas (CNG) and piped natural gas (PNG) in view of lower input gas cost.
EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 794 basis points to 28.13% compared to 20.19% last year.
At 09:35 am; the stock was up 4.5% at Rs 807 on the NSE, as compared to 0.52% rise in the Nifty50. A combined 398,743 shares changed hands on the counter on the NSE and BSE.
The Mumbai-based natural gas distribution company had profit of Rs 72.57 crore in the corresponding quarter last year.
Total income from operations however, declined by 3.2% at Rs 574 crore on YoY basis.
The reduction in sales in mainly due to reduction in selling prices of both compressed natural gas (CNG) and piped natural gas (PNG) in view of lower input gas cost.
EBITDA (earnings before interest, tax, depreciation and amortization) margin expanded 794 basis points to 28.13% compared to 20.19% last year.
At 09:35 am; the stock was up 4.5% at Rs 807 on the NSE, as compared to 0.52% rise in the Nifty50. A combined 398,743 shares changed hands on the counter on the NSE and BSE.