In a regulatory filing made post trading hours on Thursday, MGL stated that it has signed a share subscription agreement (SSA) and a shareholding agreement (SHA) with International Battery Company, Inc. (IBC US). Accordingly, both parties will invest in International Battery Company India Private Limited (IBC) to form a joint venture company, which is currently a 100% subsidiary of IBC US. Last month, MGL had announced the signing of an indicative and non-binding term sheet with International Battery Company, Inc, a Delaware Corporation, for a proposed investment by the company in IBC of an amount not exceeding Rs 385 crore, for a stake not less than 40%. IBC US is based in California, USA. The company has put up a pilot facility in Seoul, South Korea for development and production of li-ion cell and has secured certifications such as UN 38.3, BIS, and AIS for their prismatic NMC cells. To address the local market requirement, IBC US and MGL are setting up a giga factory at Bangalore. MGL intends to take at least 40% stake in IBC. The India facility will be a technology agonistic plant which will initially produce prismatic NMC Li-ion cells having wide application across mobility and battery storage sector. Ashu Shinghal, managing director of MGL said: 'MGL has established itself as a leading CGD company and a key player in India's energy landscape. MGL has already committed investments in LNG retail, CBG and Electric Vehicle manufacturing. Foray into battery cell manufacturing will strengthen its position in the evolving energy space which aligns with MGL's objective of a cleaner future. IBC has a capable and experienced team who has worked with leading technology companies globally. Through IBC, MGL and IBC US will set up a giga factory in India for Indigenous battery cell manufacturing. This will enable the consumers to source battery cells locally, which are currently being imported. thereby enhancing the competitiveness of the sector.' Mahanagar Gas is in the business of city gas distribution (CGD), presently distribution of natural gas for domestic industrial, commercial customers and CNG vehicles. The company reported 16.5% fall in standalone net profit to Rs 282.8 crore despite a 9% rise in net revenue from operations to Rs 1,711.62 crore in Q2 FY25 over Q2 FY24. The scrip rose 0.16% to currently trade at Rs 1439.45 on the BSE. Powered by Capital Market - Live

EBITDA fell by 16.8% to Rs 282.8 crore in Q2 FY25 from Rs 338.5 crore in Q2 FY24. EBITDA margin for the period under review was 23.28% (down 720 basis points YoY). Total sales volume rose by 13.1% YoY to 371.85 SCM million in Q2 FY25. CNG and PNG sales volume for September'24 quarter were 265.47 SCM million (up 11.7% YoY) and 106.38 SCM million (up 16.6% YoY), respectively. Mahanagar Gas is in the business of city gas distribution (CGD), presently distribution of natural gas for domestic industrial, commercial customers and CNG vehicles. Powered by Capital Market - Live

Net profit of Mahanagar Gas declined 16.25% to Rs 283.51 crore in the quarter ended September 2024 as against Rs 338.50 crore during the previous quarter ended September 2023. Sales rose 13.71% to Rs 1786.25 crore in the quarter ended September 2024 as against Rs 1570.93 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales1786.251570.93 14 OPM %23.1430.48 - PBDT457.15520.12 -12 PBT371.98454.33 -18 NP283.51338.50 -16 Powered by Capital Market - Live

Mahanagar Gas will hold a meeting of the Board of Directors of the Company on 24 October 2024.Powered by Capital Market - Live

Mahanagar Gas (down 12.03%), Indraprastha Gas (down 10.55%), Adani Total Gas (down 1.19%), Gujarat Gas (down 0.75%) and Gail (India) (down 0.47%) declined. The government's move is expected to force city gas distribution companies, which supply CNG for vehicles, to increase their reliance on more expensive imported gas. This will likely put pressure on their profitability and potentially lead to higher CNG prices for consumers. Mahanagar Gas, one of the affected companies, stated that the reduced allocation will have a negative impact on its profitability. To mitigate the shortfall, the company is actively exploring alternative gas sourcing options, including domestically produced High Pressure High Temperature (HPHT) gas, New Well/Well Intervention gas (NWG) from ONGC, and benchmark-linked long-term gas contracts. Indraprastha Gas also announced that it has faced a significant reduction in its domestic gas allocation, which could adversely affect its profitability. The company is currently in discussions with key stakeholders to minimize the impact of this cut. Powered by Capital Market - Live

Mahanagar Gas has fixed 14 August 2024 as record date for payment for final dividend of Rs 18 per share for FY 2023-14. Powered by Capital Market - Live