Mahanagar Gas Projects Rs 19 Cr Profit In 2003-04

Mumbai, January 19: | Updated: Jan 20 2003, 05:30am hrs
The Mahanagar Gas Ltd (MGL), which has earned a cash profit of Rs 76.07 crore against the budget of Rs 45.84 crore for the last nine months -April-December 2002, has projected a net revenue of Rs 271 crore and a profit of Rs 19 crore in 2003-04.

MGL, whose budget for 2003-04 was discussed at the recent board meeting, has projected that the gas cost constitutes 55 per cent of the net revenue in 03-04 against 31 per cent in 02-03.

According to sources, gas cost has been assumed at Rs 4,300/1000 SCM from April 2003 and Rs 5,158/1,000 SCM from October 2003 based on a brent price of $21 per barrel. It has assumed line loss of 1.5 per cent which has been adjusted against the gas cost.

Only 50 per cent of the gas price increase in each of the phases have been passed on to the consumers for CNG and no price increase has been assumed for domestic consumers.

MGL has assumed Rs 9.56 crore as equity inflow from Maharashtra government.

Meanwhile, MGLs sales have gone up 65 per cent at Rs 172.64 crore during April-Decmber 2002. According to sources, growth in domestic connections has been 77 per cent at 18,278. The company has succeeded in achieving the deadline of opening of 45 CNG outlets by December 2002.