Mahanagar Gas’ (MGL) Q1FY24 EBITDA/PAT at INR 5.2/3.7bn beat I-Sec estimates of EBITDA/PAT of INR 4.3/3bn, rising 83/99% YoY, respectively. Volume growth of just 1% was muted, but INR 7.7/scm jump YoY in EBITDA/scm (highest ever) was enough to drive the earnings strength in the quarter.