Mahanagar Gas Ltd. benchmarking: Perfomance to industry peers

Financial

	Mahanagar Gas	Indraprastha Gas	Gujarat Gas
Operational Metrics
City Gas
Daily Sales Volume - PNG	1.37 mmscmd	2.4 mmscmd	4.93 mmscmd
Infrastructure
Daily Sales Volume - CNG	3.33 mmscmd	7.12 mmscmd	3.45 mmscmd
Oil Refining
Realization / SCM - Natural Gas	48.2 Rs/SCM	51.73 Rs/SCM	51.31 Rs/SCM
Realization / SCM - PNG	47.14 Rs/SCM	46.82 Rs/SCM	n/a
Realization / SCM - CNG	48.6 Rs/SCM	53.38 Rs/SCM	n/a
Daily Sales Volume - Natural Gas	4.7 mmscmd	9.31 mmscmd	8.37 mmscmd
Financials
5 yr Average ROE	20.6 %	19.15 %	20.27 %
5yr average Equity Multiplier	1.43	1.49	1.63
5yr Average Asset Turnover Ratio	0.93	0.86	1.41
5yr Avg Net Profit Margin	15.76 %	16.1 %	8.82 %
Price to Book	1.67	2.22	3.37
P/E	10.63	15.58	25.19
5yr Avg Cash Conversion Cycle	-13.12 Days	-11.39 Days	2.45 Days
Inventory Days	1.98 Days	1.73 Days	1.35 Days
Days Receivable	15.11 Days	19.12 Days	21.81 Days
Days Payable	30.15 Days	39.82 Days	18.78 Days
5yr Average Interest Coverage Ratio	114.25	80.54	25.53
5yr Avg ROCE	25.61 %	20.51 %	22.88 %
5yr Avg Operating Profit Margin	23.23 %	19.91 %	14.43 %
5 yr average Debt to Equity	0.0	0.0	0.06
5yr CAGR Net Profit	5.66 %	7.94 %	-2.0 %
5yr Average Return on Assets	14.46 %	12.89 %	12.23 %
Shareholdings
Promoter Holding	32.5 %	45.0 %	60.89 %
Share Pledged by Promoters	0.0	0.0	0.0
Change in Promoter Holding (3 Yrs)	0.0	0.0	0.0
Change in Mutual Fund Holding (3 Yrs)	6.91 %	4.1 %	-1.37 %

	Mahanagar Gas	Indraprastha Gas	Gujarat Gas
Product Wise Break-Up	Product Wise Break-Up CNG 71.37 PNG 28.47 Piped Natural Gas (PNG) 0 Compressed Natural Gas (CNG) 0 Commercial PNG 0 Domestic PNG 0 Industrial PNG 0 City Gas 0 Others 0.16	Product Wise Break-Up Piped Natural Gas (PNG) 22.79 Industrial PNG 0 City Gas 0 CNG 0 Compressed Natural Gas (CNG) 77.19 Domestic PNG 0 Commercial PNG 0 PNG 0 Others 0.02	Product Wise Break-Up Piped Natural Gas (PNG) 0 Industrial PNG 68.4 City Gas 0 CNG 21.8 Compressed Natural Gas (CNG) 0 Domestic PNG 8.1 Commercial PNG 1.7 PNG 0
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up NCR 100.0 Rest of the World 0	Location Wise Break-Up India 100.0 Rest of the World 0
Customer Segment	Customer Segment CNG 70.86 Industrial PNG 16.47 Domestic PNG 12.67 Commercial PNG 0 Retail 0 Industrial & Commercial 0	-	Customer Segment Industrial & Commercial 70.1 Industrial PNG 0 CNG 0 Retail 29.9 Domestic PNG 0 Commercial PNG 0
Asset Break-Up - Geography Wise	Asset Break-Up - Geography Wise India 100.0	-	Asset Break-Up - Geography Wise India 100.0