MGL Q1 Results: Net profit drops 9% at Rs 185 crore
Net profit came in at Rs 185 crore, against Rs 204 crore posted in the April-June quarter of last fiscal.
Revenue from operations more than doubled to Rs 1593 crore against Rs 667 crore in the April-June quarter of last fiscal.
Cost of natural gas or cost of conversion into CNG for retailing, jumped to Rs 1,004.53 crore from Rs 191.04 crore last year as gas prices soared after Russia invaded Ukraine this February.
The company saw an increase of 15.46% in PNG sales volumes to the commercial and industrial segment at 39.92 million standard cubic metres (mscm) and 63.7% increase in the CNG segment at 231 mscm.
Total volumes sold increased by 43.7% to 313.7 mscm against 218 mscm.
MGL this week increased prices for compressed natural gas (CNG) by Rs 6 per kilogram and piped natural gas (PNG) by Rs 4 a unit. Its second price hike this month and the sixth since April this year.
Spiralling global prices of natural gas amid a surge in demand from Europe and lower supplies from Russia is taking a toll on gas supply for Indian companies.
US benchmark Henry Hub natural gas spot price at over $8 per mmBtu (million British thermal units) has more than doubled on a year-to-date basis and prices are likely to stay high due to the squeeze in Russian supplies as well as approaching winters in the west.
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