Add Mahanagar Gas, target price Rs 950: HDFC Securities

HDFC Securities has add call on Mahanagar Gas with a target price of Rs 950. The current market price of Mahanagar Gas is Rs 881.5. Time period given by analyst is one year when Mahanagar Gas Ltd. price can reach defined target.

Mahanagar Gas Ltd., incorporated in the year 1995, is a Mid Cap company (having a market cap of Rs 8729.49 Crore) operating in Gas & Petroleum sector.

Mahanagar Gas Ltd. key Products/Revenue Segments include Gas Natural, Other Operating Revenue and Pipes & Fittings for the year ending 31-Mar-2022.



Financials
For the quarter ended 30-06-2022, the company reported a Standalone Total Income of Rs 1613.19 Crore, up 33.29 % from last quarter Total Income of Rs 1210.30 Crore and up 135.34 % from last year same quarter Total Income of Rs 685.47 Crore. Company reported net profit after tax of Rs 185.20 Crore in latest quarter.

Investment Rationale
The brokerage maintains ADD rating on MGL with a target price of INR 950/sh.

Promoter/FII Holdings
Promoters held 32.5 per cent stake in the company as of 30-Jun-2022, while FIIs owned 25.81 per cent, DIIs 16.05 per cent.