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Prabhudas Lilladher Report
Mahanagar Gas Ltd.'s Q3 results came higher, due to higher than expected margins at Rs 8.2/standard cubic metre versus Rs 6.7/scm. Mahanagar Gas will benefit from lower gas prices in the near term given -
implementation of Mr. Kirit Parekh committee report which has suggested price cap of $6.5/metric million British thremal unit ($8.5 currently) for domestic gas used for priority sectors like city gas distribution and fertiliser and
drop in spot liquefied natural gas prices to ~$20/mmbtu from Q3 average of over $30. (spot LNG accounts for ~10% of Mahanagar Gas' gas requirement).
Mahanagar Gas remains a play on increased gas usage from rising vehicles and piped natural gas penetration. We like the business because of its dominating share in growing markets of Mumbai and its suburbs.
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