Mahanagar Gas Ltd (MGL) is the top loser on the BSE currently; it fell over 7.5% to hit a new 52-week low today at Rs.776.60. And all this because the Q4FY18 performance was flat.

The earnings were very much in line with the estimates but because this is how the markets react to all ‘flat’ numbers.

The company posted a 11% (YoY) rise in revenue at Rs.644 crore and net profit came in at Rs.105 crore, up 5%.

Operating profit rose 8% at Rs.176 crore while margins fell 94 bps to 27.4%.

What really drove the earnings was the 3% (QoQ) rise in PNG sales though CNG showed a 0.1% contraction.

MGL is the only authorized distributor of CNG (compressed natural gas) and PNG (piped natural gas) in Mumbai, Thane, Raigad and nearby municipalities. CNG is used as fuel in automobiles (mainly cars and three-wheelers) while PNG is used as fuel in households and has commercial and industrial applications.