Pl First Cut - MGL Q2FY24

Pl First Cut – MGL Q2FY24 – Swarnendu Bhushan – Co – Head of Research, Prabhudas Lilladher Pvt Ltd

MGL Q2FY24 Result: Sales volume grows 5% QoQ

# MGL reported lower than expected Q2 results with EBITDA/PAT of Rs 4.8bn (-8%Q/Q; PLe Rs 5bn) and Rs3.4 bn (-8%Q/Q; PLe: Rs 3.4bn).

# EBITDA/scm came in at Rs 14.6/scm ( (Q1: Rs16.8/scm; PLe: Rs15.5/scm)

# However, volumes came in above estimates at 3.58 mmscmd (+5% Q/Q; PLe 3.5 mmscmd)

# CNG volumes increased 4% QoQ to 2.58 mmscmd while PNG volume was at 1 mmscmd (4%Q/Q), with the largest gain coming from industrial/commercial customers at 0.5 mmscmd (+15%QoQ)