Rs 12/Share Dividend Okayed: PSU Gas Stock Locks Feb 5 As Record Date, Q3 Net Up 84%

Mid cap public sector undertaking, Mahanagar Gas Ltd (MGL) on Tuesday gave its nod to Rs 12 per equity share interim dividend of the face value of Rs 10/- each for the FY 2023-24. The company fixed February 5 as record date. Last trading price of Mahanagar Gas Ltd shares on BSE is Rs 1312.25 apiece with intraday fall of 0.13%. Mahanagar Gas shares soared 29% in last 3-months.

The company also declared its financial results today. It declared its consolidated net profit at Rs 317.18 crore for the quarter ended December 31, 2023, up 84% as compared to Rs 172.07 crore in the corresponding quarter of last year. Check details below:

MGL Declares Dividend: As per the BSE filing of the company released today, "Interim Dividend of Rs. 12/- per equity share having face value of Rs. 10/- each (i.e. 120%) for the Financial Year 2023-2024 and fixed Monday, 5% February 2024 as the Record Date for the purpose of determining the eligibility of shareholders for the Interim Dividend. The Interim Dividend for the Financial Year 2023-2024 shall be paid to all the eligible shareholders within 30 days from the date of declaration."

Mahanagar Gas Ltd (MGL) Declares Q3 Results: Sequentially, the company's net profit witnessed marginal fall as it was announced at Rs 338.50 crore in the preceding quarter. The company declared its revenue from operations for the quarter under consideration at Rs 1723.77 crore from Rs 1838.44 crore reported in the similar quarter of last year. The company's earnings before interest, tax, depreciation and amortisation (EBITDA) reported at Rs 496.76 crore during the third quarter, up 72.27% up from Rs 288.35 crore declared an year ago. MGL's total volume declared at 3.671 mmscmd (million metric standard cubic metres per day), up 2.69% compared to last quarter.

Mahanagar Gas Ltd Shares Performance & Return: The 52-week high price of Mahanagar Gas shares on BSE is Rs 1353.80 apiece and 52-week low price is Rs 831.00 apiece, respectively. The company has a market capitalisation of Rs 12,962.11 crore. MGL shares rallied 4% in last 1-week, soared 9% year-to-date, offered return of 23% in last 6-months, and gained 49% in last 1-year. In last 2-years, Mahanagar Gas shares jumped 54%. The scrip rallied 26% in last 3-years and soared 45% in last 5-years.

About: Mahanagar Gas Limited, (MGL) one of the India's leading Natural Gas Distribution Company was incorporated on 8th May 1995. GAIL (India) Limited (Maharatna Company of Govt. of India) is the promoter of MGL. MGL has all the resources and competencies required from concept to commissioning of gas distribution networks available in-house. The entire business in MGL has been integrated through ERP-SAP system, according to its official website.

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