Mahanagar Gas Limited

rs,

5/597 Date: January 29, 2025 To, Head, Listing Compliance Department BSE Limited P. J. Towers, Dalal Street, Mumbai - 400 001 Scrip Code: 539957 Head, Listing Compliance Department National

17.48%

to ensure safe, reliable and uninterrupted Robust Financial Performance Revenue CAGR (FY19-24): 17.48% Return on Net Worth (FY24): 27.8% Net worth (FY24) of INR 51.43 bn Blue-Chip Shareholders GAIL (

27.8%

rrupted Robust Financial Performance Revenue CAGR (FY19-24): 17.48% Return on Net Worth (FY24): 27.8% Net worth (FY24) of INR 51.43 bn Blue-Chip Shareholders GAIL (India) Ltd. (“GAIL”) (32.5%) Gover

INR 51.43

Performance Revenue CAGR (FY19-24): 17.48% Return on Net Worth (FY24): 27.8% Net worth (FY24) of INR 51.43 bn Blue-Chip Shareholders GAIL (India) Ltd. (“GAIL”) (32.5%) Government of Maharashtra (“GoM”) (1

32.5%

FY24): 27.8% Net worth (FY24) of INR 51.43 bn Blue-Chip Shareholders GAIL (India) Ltd. (“GAIL”) (32.5%) Government of Maharashtra (“GoM”) (10.0%) Public and Other (57.5%) Note: (1) Established in 1995

10.0%

bn Blue-Chip Shareholders GAIL (India) Ltd. (“GAIL”) (32.5%) Government of Maharashtra (“GoM”) (10.0%) Public and Other (57.5%) Note: (1) Established in 1995 (2) As of December 31, 2024; (3) Infrastru

57.5%

ers GAIL (India) Ltd. (“GAIL”) (32.5%) Government of Maharashtra (“GoM”) (10.0%) Public and Other (57.5%) Note: (1) Established in 1995 (2) As of December 31, 2024; (3) Infrastructure exclusivity in Mumb

100%

CNG STATIONS & CGS AT SAVROLI (GA3) JV with BLNG for supply of LNG to vehicle ACQUISITION 100% Acquisition of CGD Unison Enviro Private Limited (UEPL) 4 Areas of Operations (MGL and UEPL)

51%

onsumer in the world after China and US. (1) India’s primary energy consumption has increased by ~ 51% between 2013 and 2023, reaching ~931 MToe (1) India’s per capita energy consumption is one-third o

931 MT

US. (1) India’s primary energy consumption has increased by ~ 51% between 2013 and 2023, reaching ~931 MToe (1) India’s per capita energy consumption is one-third of the global average, indicating potenti

6.92%

PG Cylinder Commercial PNG Favorably Priced vs. Alternate Fuels Domestic LPG INR/Year 9,630 (6.92%) 9,630 (6.92%) Domestic PNG INR/Year 10,296 PNG INR/SCM Commercial LPG INR/Kg PNG IN

10%

Commercial LPG INR/Kg PNG INR/MMBTU Commercial LPG INR/MMBTU 63.51 93.21 1,883 2,092 10% 10,296 62.92 92.34 1865 2,073 10% Price Advantage Natural gas provides economic benefits

“CAGR 5.40% 2.167 2.143 2.114 1.415 2.492 2.591 2.859 0.783 0.808 0.796 0.885 0.931 1.147 1.019 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Nine month ended FY 25 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 FY 21 performance was severely impacted due to COVID 19 except in household category.”

“and also did Short Term training program on infrastructure in market economy (Public-Private Partnership Project) in changing world, J.F.”

“As Member Engineering, spearheaded the project of elimination of unmanned level crossings and upgradation of infrastructure to substantially improve safety in train operation.”

Note

2

Expenses

2

Income Tax Expense

2

PNG

1

PNG

1

Infrastructure exclusivity

1

Adjustments for

1

PNG

Household Connections Industrial and Commercial Customer 13,37,661 12,57,150 87,794 26,82,605 3,467 1,481 26 4,974 *As per census 2011 6 Areas of Operation - UEPL On 1st February 2024, MGL completed the acquisition of 100% stake in Unison Enviro Private Limited (UEPL), a CGD company having authorisation for 3 geographical areas. Ratnagiri (MH) Latur & Osmanabad (MH) Chitradurga & Davanagere (KA) Areas authorized by PNGRB Ratnagiri ~Area (Sq. Km) 8,208 Population Density (Per sq. Km) 197 Population Urban Household 16,15,069 61,797 Latur & Osmanabad 7,157 343 24,54,196 1,18,163 Chitradurga & Davangere 7,569 219 16,57,576 54,787 Physical Infrastructure as at December 31, 2024 Ratnagiri Latur & Osmanabad Chitradurga & Davangere Total CNG Stations (Nos.) Steel Pipeline Length (km) PE Pipeline Length (km) 22 0.4 116 26 12.1 57 19 67 4.9 17.4 110 283 Customer Base (Nos.) as at December 31, 2024 Geographical Area (GA) Ratnagiri District Latur & Osmanabad Districts State/Union Territories Date

PNG

Household connections Industrial and Commercial Customer Ratnagiri 15,173 Latur & Osmanabad 13,992 Chitradurga & Davanagere 5,491 Total 34656 21,709 3,911 8,383 34,003 57 3 3 63 7 7 The MGL Proposition ✓ Significant Growth Potential Backed by Favorable Industry Conditions ✓ Market with Significant Potential for Expansion ✓ ✓ ✓ ✓ ✓ Robust Infrastructure in Place to Support Future Growth Favorable Regulatory Environment Cost Effective Sourcing Strategy Strong Operational and Financial Performance Focused Growth Strategy in Place including inorganic 8 Market Natural Gas and CGD : Attractive Industry Industry Overview • • • • India is the third-largest energy consumer in the world after China and US. (1) India’s primary energy consumption has increased by ~ 51% between 2013 and 2023, reaching ~931 MToe (1) India’s per capita energy consumption is one-third of the global average, indicating potentially higher energy demand in the long-term(1) Environmentally clean fuels, such as natural gas

Note

(1) Mileage of CNG LCV – 10 km/ kg, Diesel LCV – 10 km/ ltr (2) Mileage of CNG Car – 26 km/kg, Petrol car – 18 kms/ ltr Domestic PNG price is higher than LPG cylinder presently, more however, convenience to the customers. offers Diversified Sourcing Strategy CNG & Domestic PNG Industrial / Commercial PNG Source APM / Non-APM NWG HPHT Term RLNG Spot RLNG Suppliers MoPNG GAIL RIL / BPEAL Allocation Policy • Gas Allocation to CGDs as per MoPNG guidelines 10th August 2022 supply for domestic gas to the CGD entities shall be allocated up to quantity available. • From February 2023, gas from HPHT fields is available to CGDs for CNG and Domestic PNG on priority allocation, as per MoPNG notification dated 13th Jan 2023. • The government has changed the APM pricing formula, accepting key recommendations of the Kirit Parikh Committee w.e.f. 8th April 2023 • APM gas is now priced at 10% slope to Indian Crude basket on monthly basis, with a floor of $4 per MMBTU and ceiling of $6.5 per MMBTU for f

Infrastructure exclusivity

• In Mumbai (expired and extension is in process,) In Adjoining Areas of Mumbai (up to 2030) and In Raigad (up to 2040) • • 361 CNG filling stations(3) 237 – OMCs, 124- MGL & its Franchisees Pipeline and CGS(3) Over 7223 kms of pipeline and 5 City Gate Stations • New operator can use MGL’s pipeline network once GA is declared as common carrier and tariff is notified by PNGRB. MGL has established a widespread network and continues to increase penetration in existing areas

Note

(1) Includes PPE, Intangible Assets, RoU Assets, CWIP and Capital advances (Assets are net of depreciation) as on December 31, 2024; (2) Includes net additions to PPE, Intangible Assets, RoU Assets & net increase/(decrease) in CWIP & Capital Advances during FY 2024-25; (3) As on December 31, 2024. 13 Regulatory Environment Creating Strong Barriers to Entry & Incumbent Advantage Description Implication for MGL Authorization Authorization to lay, build, operate or expand a CGD network • Built-in advantage for incumbent • Authorization for Mumbai, its adjoining areas and Raigad Gas Allocation • As per MoPNG guidelines 10 August 2022, domestic gas the CGD entities shall be allocated only up to quantity available. to • Notification dated January 13, 2023, for HPHT gas, CGD entities get 1st priority allocation compared to other than CGD bidders. • W.e.f. April 8, 2023, APM Price with ceiling and $0.25/MMBTU annual increase after 2 years. $6.5/MMBTU of Pipeline Tariff for • Availability Prior

Expenses

Cost of Natural Gas and Traded Items Changes in Inventories Excise Duty on Sale of Compressed Natural Gas Employee Benefits Expense Finance Costs Depreciation and Amortisation Expenses Other Expenses Total Expenses Profit Before Tax for the year (III- IV)