Mahanagar Gas Ltd. benchmarking: Perfomance to industry peers

Financial

	Mahanagar Gas	Gujarat Gas	Indraprastha Gas
Operational Metrics
City Gas
Daily Sales Volume - PNG	1.26 mmscmd	5.54 mmscmd	2.37 mmscmd
Infrastructure
Daily Sales Volume - CNG	3.01 mmscmd	3.33 mmscmd	6.86 mmscmd
Oil Refining Sector
Realization / SCM - Natural Gas	51.2 Rs/SCM	50.86 Rs/SCM	46.99 Rs/SCM
Realization / SCM - PNG	47.62 Rs/SCM	n/a	47.26 Rs/SCM
Realization / SCM - CNG	52.44 Rs/SCM	n/a	46.9 Rs/SCM
Daily Sales Volume - Natural Gas	4.28 mmscmd	8.88 mmscmd	9.13 mmscmd
Financials
5 yr Average ROE	20.6 %	20.27 %	19.15 %
5yr average Equity Multiplier	1.43	1.63	1.49
5yr Average Asset Turnover Ratio	0.93	1.41	0.86
5yr Avg Net Profit Margin	15.76 %	8.82 %	16.1 %
Price to Book	2.18	3.46	2.86
P/E	11.96	25.66	18.21
5yr Avg Cash Conversion Cycle	-13.12 Days	2.45 Days	-11.39 Days
Inventory Days	1.98 Days	1.35 Days	1.73 Days
Days Receivable	15.11 Days	21.81 Days	19.12 Days
Days Payable	30.15 Days	18.78 Days	39.82 Days
5yr Average Interest Coverage Ratio	114.25	25.53	80.54
5yr Avg ROCE	25.61 %	22.88 %	20.51 %
5yr Avg Operating Profit Margin	23.23 %	14.43 %	19.91 %
5 yr average Debt to Equity	0.0	0.06	0.0
5yr CAGR Net Profit	5.66 %	-2.0 %	7.94 %
5yr Average Return on Assets	14.46 %	12.23 %	12.89 %
Shareholdings
Promoter Holding	32.5 %	60.89 %	45.0 %
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)	8.1 %	-2.26 %	2.67 %

	Mahanagar Gas	Gujarat Gas	Indraprastha Gas
Product Wise Break-Up	Product Wise Break-Up CNG 72.19 PNG 27.52 Commercial PNG 0 Domestic PNG 0 Industrial PNG 0 City Gas 0 Piped Natural Gas (PNG) 0 Compressed Natural Gas (CNG) 0 Others 0.29	Product Wise Break-Up City Gas 0 Domestic PNG 8.1 Piped Natural Gas (PNG) 0 PNG 0 CNG 21.8 Commercial PNG 1.7 Compressed Natural Gas (CNG) 0 Industrial PNG 68.4	Product Wise Break-Up City Gas 0 Domestic PNG 0 Piped Natural Gas (PNG) 25.73 PNG 0 CNG 0 Commercial PNG 0 Compressed Natural Gas (CNG) 74.01 Industrial PNG 0 Others 0.26
Location Wise Break-Up	Location Wise Break-Up India 100.0 Rest of the World 0	Location Wise Break-Up Rest of the World 0 India 100.0	Location Wise Break-Up Rest of the World 0 NCR 100.0
Customer Segment	Customer Segment CNG 70.5 Industrial PNG 16.06 Domestic PNG 13.45 Commercial PNG 0 Retail 0 Industrial & Commercial 0	Customer Segment Domestic PNG 0 Industrial & Commercial 70.1 CNG 0 Commercial PNG 0 Retail 29.9 Industrial PNG 0	-
Asset Break-Up - Geography Wise	Asset Break-Up - Geography Wise India 100.0	Asset Break-Up - Geography Wise India 100.0	-