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ICICI Securities Report
Mahanagar Gas Ltd.'s Q4 FY21 earnings per share was up 28% YoY driven by margin rise as compressed natural gas and piped natural gas prices were hiked, volumes were up modestly QoQ and YoY.
FY21 recurring earnings per share was down 17% YoY despite 19% YoY rise in margin, hit by 25% YoY volume fall.
Factoring in lockdown in April-May 2021, which may mean ~20% QoQ volume fall in Q1 FY22E, has meant cut in FY22E volume estimate by 5%.
We have raised our FY22E margin estimate by 1% to Rs 12.15/standard cubic meter (same as Q4 FY21).
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