 "Mahanagar Gas Limited (MGL)")
Indian city-gas distributor Mahanagar Gas reported a 16.5 per cent decline in second-quarter profit on Thursday, hurt by a surge in fuel costs.
The state-backed natural gas distributor's profit after tax fell to Rs 283 crore (about $34 million) in the quarter ended Sept. 30 from Rs 339 crore a year earlier, the company said in an exchange filing.
Its revenue from operations rose 8.6 per cent to Rs 1,877 crore, while total expenses rose 18 per cent to Rs 1,555 crore, owing to a 20 per cent increase in natural gas costs.
KEY CONTEXT
Indian city gas distribution firms' earnings have been under pressure as they are forced to procure gas on the more expensive open market.
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Allocation of natural gas sold under government-set administered pricing mechanism has fallen due to lower domestic output.
Jefferies had expected allocation of gas under administered pricing mechanism for city gas distribution firms like Mahanagar Gas, Indraprastha Gas and Gujarat Gas to decline to 65 per cent in the quarter, leading to higher dependence on imported liquefied natural gas.
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