External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

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External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Mahanagar Gas Ltd.’s (MAHGL) EBITDA decreased 20% YoY to INR4.2b in 1QFY25, mainly driven by a 29% YoY dip in EBITDA/scm to INR11.9 (MOSL est: INR 10.9).</li><li>Volumes grew 13% YoY to 3.9mmscmd driven by CNG and I/C-PNG. Key highlights from the conference call: 1) EBITDA/scm came in strong despite APM gas allocation below 70% in 1QFY25, 2) management guidance on both margin and volume growth remains conservative at 7% volume growth (ex-UEPL) and INR10-12 EBITDA/scm, 3) volume growth at UEPL is in mid-teens and can sustain for the next 6-7 years, 4) MAHGL is looking to add 75 stations in FY25 on a base of ~400 stations (incl. UEPL), 5) MAHGL guided an improved volume outlook in 2Q/3QFY25, besides margin support from CNG price hikes taken in early Jul’24.</li><li>Outlook We expect a 7% CAGR in volume over FY24-26, driven by multiple initiatives implemented by the company, such as partnering with OEMs to drive conversions of commercial CNG vehicles and providing guaranteed price discounts to new I/C-PNG customers.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Mahanagar Gas Ltd.’s (MAHGL) EBITDA decreased 20% YoY to INR4.2b in 1QFY25, mainly driven by a 29% YoY dip in EBITDA/scm to INR11.9 (MOSL est: INR 10.9).Volumes grew 13% YoY to 3.9mmscmd driven by CNG and I/C-PNG. Key highlights from the conference call: 1) EBITDA/scm came in strong despite APM gas allocation below 70% in 1QFY25, 2) management guidance on both margin and volume growth remains conservative at 7% volume growth (ex-UEPL) and INR10-12 EBITDA/scm, 3) volume growth at UEPL is in mid-teens and can sustain for the next 6-7 years, 4) MAHGL is looking to add 75 stations in FY25 on a base of ~400 stations (incl. UEPL), 5) MAHGL guided an improved volume outlook in 2Q/3QFY25, besides margin support from CNG price hikes taken in early Jul’24.Outlook We expect a 7% CAGR in volume over FY24-26, driven by multiple initiatives implemented by the company, such as partnering with OEMs to drive conversions of commercial CNG vehicles and providing guaranteed price discounts to new I/C-PNG customers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Mahanagar Gas - Volume/Margin Surpass Guidance