Mahanagar Gas rose 3.98% to Rs 1008 after the company reported 98.6% increase in net profit to Rs 270.62 crore on 12.5% increase in net sales to Rs 783.58 crore in Q2 September 2019 over Q2 September 2018.
The result was announced after trading hours on Monday, 11 November 2019. The company's total tax expenses fell 39% to Rs 41.58 crore in Q2 September 2019 from Rs 68.11 crore in Q2 September 2018.The company elected to exercise the non-revisable option permitted under section 115 BAA of the Income-tax Act, 1961 as introduced by the Taxation Law (Amendment) Ordinance, 2019. Accordingly, the company has recognised provision for current income tax at lower tax rate of 25.17% for six months ended 30 September 2019 based on the estimated annual effective tax rate. Further, the company has re-measured its deferred tax liability (net) as of 31 March 2019, and resultant reduction of Rs 56.69 crore has been recorded in the statement of profit or loss for the quarter ended 30 September 2019.
The company's CNG sales volume stood at 399.51 SCM Million for the six months ended 30 September 2019, up by 1.52% from 393.55 SCM Million for the six months ended 30 September 2018.
The total PNG sales volumes rose 4.52% to 146.51 SCM Million for the six months ended 30 September 2019 from 140.17 SCM Million for the six months ended 30 September 2018.
Revenues from the sale of CNG jumped 20.66% to Rs 1,065.20 crore while those from PNG sale were up by 9.53% to Rs 461.59 crore for the six months ended 30 September 2019 as compared to the six months ended 30 September 2018.
MGL is one of the largest city gas distribution in India with sole authorisation to distribute compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and the Raigad district in the state of Maharashtra, India. Shell has sold all its shareholding in MGL and has now exited the company.
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