Transcript of Q4 FY25 Earnings Conference Call for the quarter and year ended March 31, 2025
Awaiting price reaction for this filing.
Mahanagar Gas Limited held its Q4 FY25 earnings call with the management. Q4 EBITDA was Rs. 378 crores (up 20% YoY) and Q4 PAT was Rs. 252 crores (up 12% YoY), but full-year FY25 EBITDA fell to Rs. 1,510 crores (from Rs. 1,843 crores) and PAT dropped to Rs. 1,045 crores (from Rs. 1,289 crores) due to reduced APM gas allocation and higher gas costs. Average sales volume grew 12.27% YoY to 4.045 mmscmd, with record CNG vehicle additions of 98,215 (up from 77,000 last year). Management guided FY26 volume growth of about 10% and EBITDA margin of Rs. 9-11 per scm, with CAPEX planned at Rs. 1,300 crores. A final dividend of Rs. 18 per share was announced, taking total FY25 dividend to Rs. 30 per share (300% on face value).
The transcript reveals strong volume momentum but confirms ongoing margin pressure from lower APM allocation, with full-year PAT down nearly 19%. The Rs. 9-11 EBITDA guidance, against the Rs. 10 current run-rate, signals a slight downside skew, while the Rs. 1,300 crore CAPEX and solid 10% volume growth target support the long-term growth story.