Mahanagar Gas Ltd

₹ 770 1.22%
01 Jul - close price
About

Mahanagar Gas Ltd is engaged in the business of City gas distribution (CGD), presently supplying natural gas in the city of Mumbai including adjoining areas and the Raigad District in the state of Maharashtra.[1]

Key Points

PNG Segment
The company supplies Piped natural gas (PNG) for domestic, industrial and commercial uses. It has a wide network of 5,900+ kms of carbon steel and polyethylene pipeline.[1] Presently, it has ~12.5 lakh domestic customers with a capacity to connect ~16 lakh customers in the domestic segment. It also serves to ~4,200 commercial and industrial customers.[2]

  • Market Cap 7,605 Cr.
  • Current Price 770
  • High / Low 1,212 / 666
  • Stock P/E 12.7
  • Book Value 364
  • Dividend Yield 2.99 %
  • ROCE 23.2 %
  • ROE 17.5 %
  • Face Value 10.0

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 40.54%

Cons

  • The company has delivered a poor sales growth of 11.85% over past five years.
  • Promoter holding is low: 32.50%
  • Promoter holding has decreased over last 3 years: -10.00%

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

Peer comparison

Sector: Gas Distribution Industry: Miscellaneous

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Quarterly Results

Figures in Rs. Crores

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
757 784 744 687 262 507 666 718 615 830 1,028 1,087
481 510 486 443 182 286 350 402 312 528 925 871
Operating Profit 277 273 259 244 80 221 317 316 304 302 103 215
OPM % 37% 35% 35% 36% 31% 44% 48% 44% 49% 36% 10% 20%
20 23 29 27 25 18 20 17 19 23 22 23
Interest 1 1 2 2 2 2 2 2 2 2 2 2
Depreciation 37 39 41 44 42 42 44 45 45 47 48 56
Profit before tax 259 256 244 225 61 195 291 287 276 275 75 180
Tax % 34% -6% 24% 26% 25% 26% 25% 26% 26% 26% 24% 27%
Net Profit 170 271 186 167 45 144 217 213 204 204 57 132
EPS in Rs 17.23 27.40 18.84 16.87 4.58 14.61 21.99 21.54 20.66 20.68 5.75 13.34

Profit & Loss

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
840 1,309 1,514 1,885 2,095 2,078 2,034 2,233 2,791 2,972 2,153 3,560
463 810 1,032 1,397 1,605 1,569 1,390 1,453 1,906 1,919 1,219 2,636
Operating Profit 378 499 483 488 490 509 644 780 885 1,053 934 924
OPM % 45% 38% 32% 26% 23% 24% 32% 35% 32% 35% 43% 26%
11 19 32 34 41 47 53 58 78 99 81 86
Interest 1 0 1 0 1 2 1 0 0 7 7 8
Depreciation 56 64 71 81 80 83 95 111 126 162 174 196
Profit before tax 332 454 442 442 449 472 601 727 837 984 834 806
Tax % 32% 32% 33% 33% 33% 34% 34% 34% 35% 19% 26% 26%
Net Profit 226 308 299 297 301 311 393 478 546 794 620 597
EPS in Rs 25.24 34.45 33.41 33.27 33.69 34.80 39.83 48.38 55.32 80.33 62.72 60.43
Dividend Payout % 34% 44% 52% 53% 52% 50% 48% 39% 36% 44% 37% 41%
Compounded Sales Growth
10 Years: 11%
5 Years: 12%
3 Years: 8%
TTM: 65%
Compounded Profit Growth
10 Years: 7%
5 Years: 9%
3 Years: 3%
TTM: -4%
Stock Price CAGR
10 Years: %
5 Years: -5%
3 Years: -2%
1 Year: -33%
Return on Equity
10 Years: 23%
5 Years: 23%
3 Years: 22%
Last Year: 17%

Balance Sheet

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
89 89 89 89 89 89 99 99 99 99 99 99
Reserves 826 978 1,093 1,208 1,318 1,639 1,741 1,997 2,300 2,854 3,134 3,499
11 10 10 8 16 5 3 1 0 67 74 103
355 465 587 664 743 637 782 914 1,042 1,109 1,295 1,534
Total Liabilities 1,280 1,542 1,779 1,969 2,166 2,370 2,624 3,010 3,441 4,128 4,601 5,234
639 764 926 991 1,064 1,129 1,305 1,532 1,763 2,049 2,169 2,614
CWIP 289 322 315 345 380 429 412 357 370 487 560 616
Investments 113 236 302 342 371 393 467 688 654 1,121 1,025 1,088
239 221 237 290 350 419 441 434 654 471 847 916
Total Assets 1,280 1,542 1,779 1,969 2,166 2,370 2,624 3,010 3,441 4,128 4,601 5,234

Cash Flows

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
294 428 439 398 427 419 532 652 685 985 806 904
-242 -326 -285 -200 -261 -222 -263 -419 -439 -755 -444 -539
-58 -91 -157 -185 -176 -191 -284 -226 -235 -242 -349 -310
Net Cash Flow -5 11 -3 13 -10 5 -15 8 12 -11 13 54

Ratios

Figures in Rs. Crores

Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022
Debtor Days 46 23 22 21 17 16 17 14 13 8 22 19
Inventory Days 17 8 6 5 5 5 8 8 5 5 11 5
Days Payable 68 21 39 34 32 33 43 39 40 35 76 49
Cash Conversion Cycle -5 10 -11 -8 -10 -12 -18 -16 -22 -21 -44 -25
Working Capital Days -59 -72 -88 -77 -80 -59 -79 -86 -78 -95 -149 8
ROCE % 39% 45% 39% 35% 33% 30% 34% 37% 37% 37% 27% 23%

Shareholding Pattern

Numbers in percentages

Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022
42.50 32.50 32.50 32.50 32.50 32.50 32.50 32.50 32.50 32.50 32.50 32.50
24.31 28.85 31.87 31.28 29.92 25.63 29.56 31.11 29.59 29.38 25.32 24.98
12.67 18.20 16.10 17.03 18.69 20.09 18.09 17.17 18.39 17.80 19.05 17.34
10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00 10.00
10.52 10.45 9.53 9.19 8.89 11.78 9.85 9.22 9.52 10.32 13.13 15.18

Documents

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