The city gas distributor's net profit increased 16.7% to Rs 217.21 crore on 10.5% decline in net sales to Rs 666.40 crore in Q3 FY21 over Q3 FY20.
The gas distributor's profit before tax grew 19.2% to Rs 291.27 crore in Q3 FY21 over Q3 FY20. Current tax expense rose 31.5% to Rs 69.73 crore in Q3 FY21 over Q3 FY20.Sequentially, CNG sales volumes jumped 47.58% to 173.26 million SCM (standard cubic metre) and total PNG sales volumes rose 11.29% to 81.61 million SCM in Q3 FY21 over Q2 FY21. Total volumes jumped 33.63% quarter-on-quarter to 254.88 million SCM in Q3 FY21.
Meanwhile, the company has declared an interim dividend of Rs 9 per share and has fixed 22 February 2021 as the record date for the same.
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.
Shares of Mahanagar Gas were trading 2.06% lower at Rs 1115.90 on BSE.
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