Latest News | MGL Net Jumps 351% on Low Base of Last Year

New Delhi, Jul 28 (PTI) Mahanagar Gas Ltd, the firm that retails CNG and piped cooking gas in Mumbai and other places, on Thursday reported a 351 per cent jump in its June quarter net profit as volumes recovered over a low base of last year.

Net profit of Rs 204.08 crore, or Rs 20.66 per share, in April-June compared with Rs 45.25 crore, or Rs 4.58 a share, in the same period a year back, according to a stock exchange filing by the company.

CNG sales volume recovered over last year when the country was under lockdown that impacted mobility but was lower than the preceding quarter.

The company's 141.11 million standard cubic meters CNG sales in April-June was 223 per cent higher than the previous year but 22.5 per cent lower than January-March.

Piped natural gas supplies to households at 42.57 million standard cubic meters was 9.14 per cent higher year-on-year and 3.5 per cent over the previous quarter.

Total gas sales at 2.398 million standard cubic metes per day in April-June was double of last year but 17 per cent lower than the previous quarter.

Turnover was up 135 per cent at Rs 615.49 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)