Shares of Mahanagar Gas Ltd. declined over 5% on Friday even as its first-quarter profit nearly doubled.
The natural-gas distribution firm's net profit surged 99% year-on-year to Rs 368.4 crore in the June quarter, according to an exchange filing on Thursday.
Mahanagar Gas Q1 FY24 Highlights (Consolidated, YoY)
Revenue up 5.7% at Rs 1,537.8 crore. (Bloomberg estimate: Rs 1,506.3 crore).
Ebitda up 83% at Rs 521.3 crore. (Bloomberg estimate: Rs 412.3 crore).
Margin at 33.9% vs 19.63% (Bloomberg estimate: 27.37%).
Net profit up 99% at Rs 368.4 crore. (Bloomberg estimate: Rs 279.8 crore).
Shares of Mahanagar Gas fell 5.07% to Rs 1,063.85 apiece, compared to a 0.69% gain in the benchmark NSE Nifty 50 as of 1:07 p.m. The stock declined as much as 5.33%, the most since April 3.
The stock has gained 27.68% year-to-date. The total traded volume stood at 5.6 times its 30-day average. The relative strength index was at 47.29.
Out of the 34 analysts tracking Mahanagar Gas, 24 maintain a 'buy' rating on the stock, seven suggest a 'hold', and three recommend a 'sell', according to Bloomberg. The average of 12-month analyst price targets implies a potential downside of 11.4%.
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