Mahanagar Gas (MGL) has reported a strong 81% YoY jump in EBITDA to Rs3.9bn and a 2x YoY jump in PAT to Rs2.7bn in Q4FY23. QoQ growth was strong as well, with EBITDA/PAT growing 52/56%, respectively. Volumes of 3.4mmscmd, however, disappointed, declining 1% QoQ, well below I-Sec estimates of 3.6mmscmd.