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May 6 (Reuters) - Indian city gas distributor Mahanagar Gas MGAS.NS posted a 4.8% fall in quarterly profit on Tuesday, as expenses cut into steady growth in volumes.

The state-backed natural gas distributor reported a profit after tax of 2.52 billion rupees ($29.9 million) for the quarter ended March 31, down from 2.65 billion a year earlier.

Revenue from operations grew 18.6% to 20.39 billion, while total expenses rose 24.2%.

For further earnings highlights, (click here)

KEY CONTEXT

Indian city gas companies like Mahanagar Gas, Indraprastha Gas IGAS.NS and Gujarat Gas GGAS.NS have been facing earnings pressure for the last couple of quarters due to reduced supply of cheaper, government-regulated APM (Administered Price Mechanism) gas. This has forced them to buy more expensive gas from the open market, squeezing their profit margins.

Mahanagar Gas, however, posted a 12.3% rise in total sales volumes, driven primarily by strong growth in its compressed natural gas segment.

Peer Indraprastha Gas reported a 9% fall in its quarterly profit from a year ago, hurt by higher expenses.

PEER COMPARISON

* The mean of analyst ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell

** The ratio of the stock's last close to analysts' mean price target; a ratio above 1 means the stock is trading above the PT

JANUARY-MARCH STOCK PERFORMANCE

-- All data from LSEG IBES

-- $1 = 84.2640 Indian rupees

(Reporting by Yagnoseni Das in Bengaluru; Editing by Vijay Kishore)

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** Shares of Indraprastha Gas IGAS.NS up 4% at 185.70 rupees
** City gas distributor on Sunday reported 9% fall in Q4 profit from a year ago, hurt by one-off expenses of 1.14 billion rupees
** Co on Monday told CNBC-TV18 it is looking at medium-term margins of 7-8 rupees on possible price hikes, despite a fall to 4 rupees this quarter
** City gas distributors such as IGAS have suffered margin erosion due to lower allocation of subsidized gas from government, buying gas at spot markets at higher rates
* IGAS down 14% YTD, while rivals Adani Total Gas ADAG.NS is down 18% and Mahanagar Gas MGAS.NS up ~ 4% YTD

(Reporting by Sethuraman NR in Bengaluru)

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April 18 (Reuters) - India on Friday said it has introduced enhancements to the domestic gas allocation policy with an aim to strengthen the framework for sustained availability and affordability of natural gas.

Under these new directions, from the first quarter of fiscal 2026, domestic natural gas allocations for compressed natural gas (CNG) and piped natural gas (PNG) segments will be done on a two-quarter advance basis, the government said in a statement.

Allocation will also now include new well gas (NWG) from nomination fields of the two state explorers, Oil and Natural Gas Corporation ONGC.NS and Oil India OILI.NS with auction-based allocation for new well gas being replaced with a quarterly pro-rata allocation, to ensure timely and reliable supply, the statement added.

With both administered pricing mechanism gas (APM) and new well gas prices linked to Indian crude basket prices, which are calculated monthly, the government sees the allocation of domestic gas to make natural gas more affordable for CNG and PNG consumers after recent decline in crude prices.

The allocation of natural gas sold under government-set APM has fallen over the years because of lower output at domestic wells. This has led to India's city gas distribution companies like Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS seeing their margins squeezed in last few quarters.

These policy measures come at a time when the government has cut APM gas allocation to city gas distribution companies by 18%-20%, effective April 16.

(Reporting by Ashish Chandra in Bengaluru, Editing by Franklin Paul)

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** Shares of Mahanagar Gas MGAS.NS, Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS down 1%-5%

** Govt cuts administered price mechanism (APM) gas allocation to city gas distributors, effective April 16

** Antique Stock Broking says estimated de-allocation at about 3 mmscmd vs market expectations of about 0.8–1 mmscmd

** Adds, assuming APM fully meets domestic PNG needs, CNG allocation drops to 38% for IGAS/MGAS (from 50%–51%) and to 34% for GGAS (from 48%)

** Estimates CNG gross margin hit of 0.9–1 rupees/scm, along with varying EBITDA impacts

** YTD, IGAS down 16.3%, MGAS down 2.5%, GGAS down 14.2%

(Reporting by Ashish Chandra in Bengaluru)

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April 15 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• DOMESTIC GAS ALLOCATION REDUCED BY 20% EFFECTIVE APRIL 16, 2025

• REVISION IN ALLOCATIONS EXPECTED TO IMPACT COMPANY PROFITABILITY

• ALLOCATED ADDITIONAL ABOUT 125% OF REDUCTION IN DOMESTIC GAS VOLUMES AS NWG

Source text: ID:nBSEbGs5QL

Further company coverage: IGAS.NS

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** Indian city gas distributor stocks GAIL (India) Ltd GAIL.NS, Gujarat State Petronet Ltd GSPT.NS, and Indraprastha Gas Ltd IGAS.NS rise between 2.4% and 4%

** India's natural gas regulator proposes lower pipeline tariffs

** Morgan Stanley analysts estimate GAIl, GSPT could see 8%-10% rise in earnings due to proposed regulations; GAIL's return on investments could also improve

** CLSA says IGAS likely to be biggest benefactor of proposed norms, which would help bring down operating expenses

** IGAS' ~1.5% YTD drop least among pack; GAIL down 4.4%, while GSPT down 18.3%

(Reporting by Nandan Mandayam in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS rise 3.3% to 199.57 rupees apiece, after Axis Capital upgrades to "buy" from "add", citing strong volume growth prospects

** Axis Capital hikes target price to 244 rupees from 213 rupees, implying an upside of 16%

** Co set to benefit from a ramp-up in its new geographical areas, which should help drive a robust 8% CAGR in volumes over fiscal years 2025-27 - Axis

** Adds valuation at F12M PE of 14.5x is also attractive after a 30% drop in six months and is at a discount of 25% to past 10-year average

** Average rating of 29 analysts tracking IGAS is "hold"; median target price is 216.25 rupees, according to data compiled by LSEG

** IGAS shares down 4% YTD compared to 6.5% drop in Nifty energy index .NIFTYENR

(Reporting by Bharath Rajeswaran in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS rise 4.7% to 203 rupees

** Analysts at Jefferies say stock's risk-reward is "favourable;" maintains "buy" rating and PT of 252 rupees

** Expect near-term price hike, which should restore confidence in margin outlook, supported by steady volume growth and controlled feedstock costs, the analysts say

** Weakening Indian rupee will hurt Q4, but lower feedstock cost will compensate, they add

** Expect 9% EPS growth over FY25-27- Jefferies

** Analysts' avg rating on stock "hold", same as rival Hindustan Petroleum Corp Ltd HPCL.NS, while Mahanagar Gas MGAS.NS rated "buy" on avg - LSEG data

** Stock gained ~10% so far this week

(Reporting by Ashna Teresa Britto in Bengaluru)

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** Shares of Indraprastha Gas Ltd IGAS.NS up 3.8% at 397.7 rupees

** PhillipCapital upgrades stock rating to "buy" from "neutral", hikes PT to 480 rupees from 475 rupees

** Says stock trading at reduced valuation after it saw 'significant correction' from Oct.16 to Nov. 16 when govt reduced CNG gas supply for city gas entities

** Adds that most part of the supply diverted has been restored, which will bolster operating margins

** Nirmal Bang upgrades IGAS to "hold" from "sell"; says policy concerns have been mitigated

** Jefferies upgrades to "buy" from "hold", raises PT to 505 rupees from 295 rupees

** Adds that IGAS has managed to tie up significant volume of term LNG contracts off Henry Hub, which are better priced than spot market LNG, restoring volume and margin visibility

(Reporting by Ananta Agarwal in Bengaluru)

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Jan 27 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• DEC-QUARTER CONSOL NET PROFIT 3.27 BILLION RUPEES

• DEC-QUARTER CONSOL REVENUE FROM OPERATIONS 41.46 BILLION RUPEES

Source text: ID:nBSEbKqcFc

Further company coverage: IGAS.NS

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Jan 14 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS LTD - R.K. JAIN CEASES AS CHAIRMAN

Source text: ID:nBSE1p5rPQ

Further company coverage: IGAS.NS

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** Shares of city gas distributor Indraprastha Gas IGAS.NS ends 4.1% higher

** IGAS says GAIL GAIL.NS increases domestic gas allocations by 31% with effect from Jan. 16

** Says the increase to have positive impact on profitability

** IGAS fell as much as ~25% after co flagged issues with gas allocation in Nov, but has recovered since

** GAIL ends session ~4% lower

(Reporting by Hritam Mukherjee in Bengaluru)

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** Shares of city gas distributors rise on local media reports that oil ministry re-submits a proposal to halve excise duty on CNG to 7%

** Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS, Gail (India) GAIL.NS and Mahanagar Gas MGAS.NS gain between 1.7% and 2.7%

** YTD, IGAS down ~5%, GGAS up ~10%, MGAS up ~5% and GAIL up ~23%

(Reporting by Dimpal Gulwani in Bengaluru)

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Dec 10 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• APPROVED ISSUANCE OF BONUS SHARES

• ISSUANCE OF BONUS SHARES IN 1:1 RATIO

Source text: ID:nBSE5W5gJR

Further company coverage: IGAS.NS

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** Shares of Indraprastha Gas IGAS.NS rise 1.9% to 367.10 rupees

** City gas distributor's board to consider issue of bonus shares on Dec. 10

** Trading vols at 5.6 mln, roughly equal to the 30-day avg

** IGAS down ~12% YTD

(Reporting by Vijay Malkar)

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Dec 4 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• TO CONSIDER PROPOSAL FOR ISSUE OF BONUS SHARES

Source text: ID:nBSE6wSY18

Further company coverage: IGAS.NS

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** Shares of Indraprastha Gas IGAS.NS, Mahanagar Gas MGAS.NS, Adani Total Gas ADAG.NS and Gujarat Gas GGAS.NS fall after Indian government cuts allocation of lower-priced domestic gas by 18%-20% for city gas distributors

** Reduction in gas allocation the second time during qtr; comes after ~20% cut in mid-October

** IGAS's ~19% slump the biggest, trailed by MGAS's 13%; ADAG and GGAS drop 6% and 3%, respectively

** Pricing decision by the companies and impact of government's action will be key focus over coming months, says CLSA

** Revised domestic gas allocation will have an adverse impact on profitability of co, IGAS said

** Jefferies downgrades MGAS, IGAS to "underperform" from "buy" and "hold", respectively, citing potential sharp reduction in profit margin

** All cos log YTD losses with IGAS's 21% YTD decline the biggest

(Reporting by Kashish Tandon in Bengaluru)

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Nov 15 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• FURTHER REDUCTION IN DOMESTIC GAS ALLOCATION TO CO EFFECTIVE NOV 16

• REVISED DOMESTIC GAS ALLOCATION 20% LESSER THAN PREVIOUS ALLOCATION

• REVISED DOMESTIC GAS ALLOCATION TO HAVE ADVERSE IMPACT ON PROFITABILITY OF CO

• CO EXPLORING ALL OPTIONS TO ADDRESS ISSUE

Source text: ID:nNSEbcqMsW

Further company coverage: IGAS.NS

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Oct 28 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• DIVIDEND OF 5.50 RUPEES PER SHARE

• SEPT-QUARTER CONSOL NET PROFIT 4.55 BILLION RUPEES

• SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 40.88 BILLION RUPEES

Source text: ID:nBSEbCCLB7

Further company coverage: IGAS.NS

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** Shares of Indraprastha Gas IGAS.NS down 10.8% to 450.20 rupees

** The natural gas distribution company said there has been around 21% reduction in domestic gas allocation to co effective from Oct 16, which will have an adverse impact on its profitability

** Co also said it is in discussion with key stakeholders to minimise the impact

** IGAS among top pct losers in NIFTY 500 Index .NIFTY500

** Relative strength index falls to 21, suggesting stock might be oversold

** Day's losses trim IGAS's YTD gains to around 7%; NIFTY500 rises around 20%

(Reporting by Vijay Malkar)

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Oct 17 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• THERE HAS BEEN A MAJOR REDUCTION IN DOMESTIC GAS ALLOCATION TO CO

• REVISED DOMESTIC GAS ALLOCATION TO CO IS ABOUT 21% LESSER THAN PREVIOUS ALLOCATION

• CO IN DISCUSSION WITH KEY STAKEHOLDERS TO MINIMIZE IMPACT

Source text for Eikon: ID:nBSEbSwk6q

Further company coverage: IGAS.NS

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** Shares of Indraprastha Gas IGAS.NS rise 4.9% to 555.8 rupees, set for their best day since early June, if gains hold

** Brokerage UBS upgrades rating on stock to "buy" from "sell", sets Street high PT of 700 rupees

** New PT at 32% premium of stock's last close

** "We note some improvement in volume growth for H1CY24 vs H2CY23, CNG station additions have accelerated with growing CNG vehicles fleet, slower electrification pace," says UBS

** Sees inorganic growth opportunities including acquisition options of smaller emerging sellers, to aid IGAS' volume expansion

** Stock eyes busiest trading session since late-June, volumes at 4.4x the 30-day avg

** Analysts' avg rating on stock is "hold", median PT is 537.5 rupees - LSEG data

** Indraprastha stock up ~33% YTD

(Reporting by Manvi Pant in Bengaluru)

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** Shares of Indraprastha Gas IGAS.NS fall as much as 3.4%, last down 2.7% at 534.45 rupees

** The gas distribution firm reported 8.4% y/y slip in June-qtr profit as expenses grew 6.4%

** Analysts' avg rating on stock is "Hold", median PT is 487.5 rupees - an 11% discount on the last close, per LSEG data

** Including session's losses, stock up ~28% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

July 24 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• JUNE-QUARTER CONSOL NET PROFIT 4.81 BILLION RUPEES

• JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 38.91 BILLION RUPEES

Source text for Eikon: [ID:]

Further company coverage: IGAS.NS

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BENGALURU, May 16 (Reuters) - GAIL (India) GAIL.NS, India's top natural gas distributor, posted a smaller-than-expected quarterly profit on Thursday, hurt by weakness in its natural gas marketing business.

Net profit rose more than three-fold to 21.77 billion rupees ($260.8 million) for the March quarter, but fell short of analysts' estimate of 28.29 billion rupees, according to LSEG data.

The state-run company's natural gas marketing segment, which accounts for the bulk of its overall revenue, declined nearly 10%.

Lower gas marketing margins due to a fall in spot LNG prices have been weighing on distribution companies, analysts said.

The company's total revenue slipped 0.9% to 32.33 billion rupees during the January-March period.

Shares of GAIL, which have risen about 20% so far this year, settled 2.6% lower on Thursday.

($1 = 83.4700 Indian rupees)

(Reporting by Yagnoseni Das in Bengaluru)

(([email protected]; +91 6001289066;))

** Shares of Indraprastha Gas IGAS.NS fall as much as 4.4% before trimming its losses to trade 2% lower

** City gas distributor tweeted late on Wednesday it will reduce retail consumer price of CNG by 2.5 rupees per kg across all geographical areas of co, effective Thursday

** Revised selling price of CNG in Delhi at 74.09 rupees/kg, and 78.70 rupees/kg in Noida, Greater Noida and Ghaziabad GA

** Stock set to fall for a fifth straight week

** Avg rating of the 29 analysts is "hold" and median PT is 470 rupees, ~11% higher than current price - LSEG data

** Stock rose 1.1% in 2023, after losing for two consecutive years

(Reporting by Anuran Sadhu in Bengaluru)

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Feb 7 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• SIGN MEMORANDUM OF UNDERSTANDING (MOU) TO ESTABLISH COMPRESSED BIOGAS (CBG) PLANTS

• PARTNERSHIP AIMS TO PRODUCE 0.45 MMSCMD OF BIOGAS FROM WASTE

Source text for Eikon: ID:nBSE7FtQ53

Further company coverage: IGAS.NS

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By Sethuraman N R

QUITOL, India, Feb 6 (Reuters) - India's city gas distributor Mahanagar Gas said it will consider hiking gas prices for customers if a shortfall in subsidised supply persists, a company executive said.

Companies including Indraprastha Gas IGAS.NS, Gujarat Gas GGAS.NS, Mahanagar Gas MGAS.NS have seen their margins squeezed because the allocation of natural gas sold under government-set Administered Pricing Mechanism (APM) has fallen because of lower output at domestic wells. To make up the shortfall, the companies have to buy gas on the more expensive open market.

APM allocations are expected to further decline as explorer Oil and Natural Gas Corp ONGC.NS slashed its peak output from the KG-D6 basin in January.

"In December, we have seen some disruptions in APM gas allocations and eventually as the gas demand increases, the allocations will come down," said Ashu Shinghal, managing director of Mahanagar Gas.

"Right now we are absorbing costs, if APM allocations go down further we will take a call on price hikes," Shinghal said.

Shinghal expects the company's gas demand to rise by 6% to 7% from a year ago in the fiscal year 2025.

Demand from the industrial, commercial sector has been good and Asian liquefied natural gas prices are expected to be stable, Shinghal added.

(Writing by Mohi Narayan; Editing by Christian Schmollinger)

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Jan 29 (Reuters) -

• LIFE INSURANCE CORPORATION OF INDIA RAISES STAKE IN INDRAPRASTHA GAS TO 9.355% FROM 7.3% - EXCHANGE FILING

Source text for Eikon: ID:nBSEbMNNQJ

Further company coverage: IGAS.NS

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Jan 25 (Reuters) - Indraprastha Gas Ltd IGAS.NS:

• INDRAPRASTHA GAS DEC-QUARTER PROFIT 3.92 BILLION RUPEES

• INDRAPRASTHA GAS DEC-QUARTER REVENUE FROM OPERATIONS 39.26 BILLION RUPEES

• INDRAPRASTHA GAS YEAR AGO DEC-QUARTER PROFIT 2.78 BILLION RUPEES, REVENUE 40.89 BILLION RUPEES

Source text for Eikon: ID:nBSE1jKVzQ

Further company coverage: IGAS.NS

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