Why Mahanagar Gas Shares Hit 52-Week High After Q4 Results

Share price of Mahanagar Gas jumped up over 8% on Tuesday to hit a new 52-week high of ₹1087.

What Happened: The company’s gross revenue from operations surged close to 50% to ₹1,771.81 crore in the March quarter compared to the ₹1,187.60 crore revenue it booked in the same quarter last year.

The company’s EBITDA for the review period stood at ₹389.68, up over 80% year-over-year. EBITDA margin for the quarter stood at 24.20%. Net profits more than doubled to ₹268.80 crore in the quarter ended March from ₹131.80 crore profit the company booked in the corresponding quarter last year. Earnings per share for the quarter stood at ₹27.21.

See Also: When Will Tata Power Share Price Go Up?

The company also announced a ₹16/share final dividend for the year ended March. The company has announced a total dividend of ₹26 in this financial year (April 2022-March 2023).

The dividend announcement and the strong numbers helped the stock continue its bull run. MGL share price has gone up over 27% since the start of the year.

Price Action: MGL share price was up 8.32% to trade at ₹1,082.80 in the early hours of trading on Tuesday.

Read Next: Why Coal India Shares Are Slumping After Q4 Earnings

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Comments
Loading...
Posted In: DividendsTrading IdeasMahanagar Gas

Loading...