Aditya Birla Money Limited Broker Research reports

Mahanagar Gas Ltd. is one of the largest city gas distribution companies in India with more than 20 years of experience in supplying natural gas and is presently the sole authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and the Raigad district in the state of Maharashtra. As at 31st March 2016, MGL supplied CNG to over 0.47 million vehicles through it's network of 188 CNG filling stations, has approximately 0.86 million domestic household subscribers for its PNG service, and over 2,866 commercial and 60 industrial consumers in Mumbai and its adjoining areas. MGL reported sales of `21,216.28 million in FY2016, a growth of ~12.5%...

Strong operating performance and asset light model leading to high returns: The franchise model of the company has helped it to minimize its capital expenditure leading to higher returns on equity as well as return on capital employed. TTL's sales...