Audited Standalone and Consolidated Financial Results for the quarter and financial year ended March 31, 2025
Awaiting price reaction for this filing.
Mahanagar Gas Limited reported FY25 revenue from operations of Rs. 7,589.99 Crore, up 10.61% from Rs. 6,861.95 Crore in FY24, driven by 11.97% growth in total gas sales volumes (CNG + PNG). However, profit after tax fell 18.94% to Rs. 1,044.89 Crore from Rs. 1,289.07 Crore, and EBITDA declined 18.06% to Rs. 1,509.78 Crore. EBITDA margin compressed sharply from 29.51% to 21.81%, mainly due to a 23% jump in raw material costs. Q4 FY25 showed sequential improvement, with PAT rising 11.9% QoQ to Rs. 252.18 Crore and EBITDA up 20.33%. Deloitte Haskins & Sells LLP issued an unmodified (clean) audit opinion on both standalone and consolidated results. The Board recommended a final dividend of Rs. 18 per share, taking total FY25 dividend to Rs. 30 per share. Key pending matters include a Rs. 331.80 Crore GAIL/UTNGPL pipeline tariff dispute and a Rs. 54.33 Crore GST demand, both contested by the company.
Despite healthy volume and revenue growth, the steep drop in margins and profits may weigh negatively on the stock in the short term. The generous Rs. 30 total dividend (Rs. 18 final + Rs. 12 interim) provides near-term support to shareholders, and the clean audit opinion removes any governance overhang.