In a regulatory filing, MGL informed the exchanges that its allocation of APM natural gas ' used primarily for the supply of piped natural gas (PNG) to households and compressed natural gas (CNG) for transport ' has been reduced by approximately 18% from 16 April 2025, compared to the previous fortnight's allocation.
This reallocation comes in line with policy guidelines issued by the Ministry of Petroleum and Natural Gas on 10 August 2022. The policy prioritizes APM gas supply for the city gas distribution (CGD) sector, routed through GAIL (India), based on availability. Due to supply constraints, MGL's shortfall in APM gas is being substituted with costlier New Well/Well Intervention Gas (NWG).
This will have an adverse impact on the profitability, MGL said in the filing, while adding that it is in the process of exploring all measures to mitigate the impact.
MGL is one of India's leading city gas distribution company providing Compressed Natural Gas (CNG) for mobility and Piped Natural Gas (PNG) to residential, commercial, and industrial customers, serving Mumbai, Urban thane, and Raigad district of Maharashtra.
The company reported 30.25% fall in consolidated net profit to Rs 221.24 crore on a 17.76% increase in net sales to Rs 1,847.41 crore in Q3 FY25 over Q3 FY24.
0 mins read . Dec 18, 2024
0 mins read . Dec 18, 2024
0 mins read . Dec 18, 2024
