#1mhin MAHANAGAR GAS PRESENTATION TO INVESTORS SEPTEMBER - 2022 indhan hariyali kā MAHANAGAR GAS LIMITED 1 www.mahanagargas.com#2MGL : An Introduction MAHANAGAR GAS LIMITED MAHANAGAR GAS 2#3One of the largest CGD Companies in India Attractive Market Secured Availability of Gas Strong Customer Base Infrastructure Exclusivity Commitment to Health and Safety Robust Financial Performance Blue-Chip Shareholders Sole authorized distributor of CNG and PNG in Mumbai, its Adjoining Areas and Raigarh with more than 25-years consistent growth (¹) Secured availability of domestically produced natural gas at APM price for catering to CNG and Domestic PNG customers and through term contracts for other customers. CNG supplied to about 0.88mn vehicles and PNG connectivity to approximately 1.98 mn domestic households (2) Over 6,325 kms of pipeline (2) with infrastructure exclusivity (3) and 296 CNG filling stations (2) Safety management systems to ensure safe, reliable and uninterrupted distribution of gas Revenue CAGR (FY17-22): 11.8% Return on Net Worth (FY22): 17.5% Total cash balance of INR 14.25 bn(4,2) Net worth of INR 37.96 bn (2) GAIL (India) Ltd. ("GAIL") (32.5%) Government of Maharashtra ("GoM") (10.0%) Public and Other (57.5%) MAHANAGAR GAS MAHANAGAR GAS LIMITED Note: (1) Established in 1995; (2) As of September 30, 2022; (3) Infrastructure exclusivity prevailing in Mumbai, 2030 in its Adjoining Areas and 2040 in Raigad; (4) Includes Current Investments.#4Our Journey Record of Growth and Excellence Natural gas supply & transpo. contract with GAIL 2nd CGS at Mahape 150th CNG dispensing station 3rd CGS at Taloja & 4th CGS at Ambernath Pipeline PE 3,800 km & Steel -380 km 110% allocation of domestic gas Net Worth - INR billion 0.76 New GA Raigad 200th CNG dispensing station Started 25th Years of Operations Commercial operations in Raigad Achieved MWP target for GA-3 Raigad Listing on NSE and BSE 23 Yr. CAGR 18.2% 97-98 10-11 11-12 12-13 13-14 14-15 15-16 16-17 17-18 18-19 19-20 20-21 21-22 MAHANAGAR GAS LIMITED MAHANAGAR GAS Net Worth - INR billion 35.97#5Areas of Operation Business Operations Bhayander Mira-Bhayander Bhiwandi MAHANAGAR GAS Areas of Operation Mumbai & Greater Mumbai Thane Urban and Adjoining Raigarh District Municipalities Kalyan Thane Dombivily Ambernath Mumbai Thane District Badlapur Navi Mumbai Population (mn) 20.7 mn population and 3.2 mn households (¹) Wadala Taloja Kharghar Panvel Karjat Uran Khalapur Pen Alibaug Raigarh Arabian Sea Sudhagad Floha Tala Mangaon Shrivardhan Mahad Poladpur Infrastructure Exclusivity 2020 2030 2040 MGL Pipeline(2) 6325 kms MGL PNG Connections (2) MGL CNG Stations (2) MGL CNG Customers(2) ~ 1.98mn 296 ~ 0.88 mn 5 MAHANAGAR GAS LIMITED (1) Figures for Mumbai Metropolitan Region - Total population and technically feasible households out of total population; (2) As of September 30, 2022#6The MGL Proposition Significant Growth Potential Backed by Favorable Industry Conditions MAHANAGAR GAS Underpenetrated Market with Significant Potential for Expansion MAHANAGAR GAS Robust Infrastructure in Place to Support Future Growth MAHANAGAR GAS LIMITED Favorable Regulatory Environment Cost Effective Sourcing Strategy Strong Operational and Financial Performance Focused Growth Strategy in Place#7Market Natural Gas and CGD: Attractive Industry Industry Overview MAHANAGAR GAS India is the third-largest energy consumer in the world after China and US. (1) India's primary energy consumption has increased by ~48% between 2011 and 2021, reaching ~846 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, are expected to play a dominant role in India's economic growth in the coming years. CGD Sector to Grow at a Faster Pace as Natural Gas becomes a Preferred Fuel (2) ...With Increased Government Focus 2030E 2025E 2020 2015 15 25 38 Total CGD Demand (mmscmd) 69 саба CAGR 11% CAGR.9% CAGR 9% Environmental Initiatives PNG and CNG Corridor CAGR 12 CAGR 12% CGD Expansion in New Cities 7 MAHANAGAR GAS LIMITED Source: (1) BP Statistical Review of World Energy June 2022; (2) Bureau of Economic Geology (BEG) / Center for Energy Economics (CEE) China/India Gas Demand, CGD demand- open government data (OGD) platform India#8Attractive Fuel Economics CNG Retains its Price Competitiveness vs. Other Fuels Comparison of Alternative Fuel Costs Particulars INR/kg or INR/L CNG 80.00 (1) Diesel 94.27 (1) Petrol 106.31 (1) Particulars INR/kg or INR/L CNG 89.50 (2) Diesel 94.27 (2) Petrol 106.31 (2) 15% Differential (3) 42% Differential (3) 48% Differential (3) 05% Differential (2) Commercial PNG Favorably Priced vs. Alternate Fuels MAHANAGAR GAS Particulars UOM Particulars UOM DPNG (5) INR/SCM 48.50 DPNG (2) INR/SCM 54.00 Commercial LPG (5) INR/Kg 103.89 Commercial LPG (6) INR/Kg 95.34 PNG INR/MMBTU 2059 Commercial INR/MMBTU 2332 LPG 12% differential PNG INR/MMBTU 1926 Commercial LPG INR/MMBTU 2140 Domestic PNG Provides Savings with respect to LPG Cylinder Price Advantage Natural gas provides economic benefits over most alternative liquid fuels Fuel Efficiency CNG vehicles typically enjoy higher fuel efficiency • Payback Period Lower running costs result in lower payback period and savings INR / Year INR / Year 12630 12630 LPG LPG 10598 11800 Domestic PNG Domestic PNG % Difference 16% % Difference 07% Subsidized and Non-subsidized LPG cylinders price is same at present, Consumers are incentivized to purchase PNG due to significant savings Note: (1) Based on prices prevailing in Mumbai as on September 30, 2022, (2) CNG and DPNG selling prices we.f. November 4, 2022, (3) Mileage of CNG LCV - 10 km/kg, Diesel LCV - 10 km/ ltr (4) Mileage of CNG Car - 26 km/kg, Petrol car - 18 kms/ ltr ; (5) Based on prices prevailing in Mumbai for August 2022 (6) Based on prices prevailing in Mumbai for October 2022 MAHANAGAR GAS LIMITED 10% differential#9Diversified Sourcing Strategy Source APM Suppliers CNG & Domestic PNG MOPNG GAIL Industrial/Commercial PNG MAHANAGAR GAS Non-APM Term RLNG BPCL GAIL • Hazira LNG • • • PLL SEMTIPL RIL/BPEAL • GSPCL • HPCL • IOCL TPL . ATPL • IGX Spot RLNG Allocation Policy • Gas Allocation to CGDs as per MoPNG guidelines 10th August 2022 supply for domestic gas to the CGD entities shall be made only up to quantity available and allocated to GAIL for CNG and Domestic PNG and balance quantity to be sourced by CGD entities on their own. • APM Gas Price to be fixed on 6 monthly basis (market linked US$ 8.57 / MMBTU (1) on GCV basis.) • Purchase of imported RLNG for industrial/ commercial PNG customers • Term Contracts linked to indexed to Brent / HH and spot contracts. • Assured supply of gas for priority sector requirement Priority given to CGDs under CGD allocation MoPNG guidelines, 2014 and latest amendment issued dated 10 August 2022 MAHANAGAR GAS LIMITED Note: (1) Applicable from 01 October 2022 to 31 March 2023#10In MMSCMD FY 22 Sales Volume Composition MAHANAGAR GAS Diversified Sourcing Strategy Priority Segment Forms Majority Allocation As per MoPNG guidelines 10 August 2022, GAIL supplies for domestic gas to the CGD entities shall be made only upto the quantity available domestically. Any shortfall in quantity has to be arranged by CGD entities on their own GA. Requirement for I&C Mix of Spot and Term Contract. Term contracts portfolio having different tenure and linked to different index. Pricing APM price significantly lower than market price of imported natural gas 70.5% 15.6% 5.0% 8.9% Distribution CNG Sales Domestic PNG Sales Commercial PNG Industrial PNG Sales Sales Majority of MGL's sales are from Priority Sector Allocation vs Sales (Domestic PNG + CNG) - Robust gas availability 2.89 2.89 2.69 2.53 2.48 2.28 2.07 2.39 2.55 2.55 2.06 2.14 2.27 2.36 2.58 1.88 106% 106% 107% 101% 105% FY15 FY16 FY17 114% 96% 154% - Priority Segment Allocation FY18 FY19 FY20 FY21 FY22 Priority Segment Sales/Demand Priority Allocation as a % of Priority Sales o During COVID impacted period due to lock down sales volumes reduced and full allocation of APM was not utilized. o As per MoPNG Guidelines 2014, 100% allocation of APM gas for CNG and PNG Domestic should be available, however presently allocation is less than 100%. MAHANAGAR GAS LIMITED 10#11Infrastructure in place Extensive Supply Network Built Over 25 Years لیتر Asset Base Fixed Asset of INR 34.34 Bn (1) Capex for 2022 INR 2.77 Bn(2) CNG Customer Base(3) ~0.88 Mn Infrastructure exclusivity prevailing in Mumbai, 2030 in its Adjoining Areas and 2040 in Raigad PNG Customer Base(3) ~ 1.98 Mn 296 CNG filling stations (3) 210 - OMCS 86- MGL & its Franchisees Pipeline and CGS (3) Over 6325 kms of pipeline and 5 City Gate Stations MAHANAGAR GAS · Tariff Flexibility - New operator can use MGL's pipeline network on payment of transportation tariff Enablers MGL has established a widespread network and plans for expansion to enter into new areas and increase penetration in existing areas MAHANAGAR GAS LIMITED Note: (1) As on September 30, 2022, Includes purchase of fixed assets, including Intangible assets, RoU Assets, Capital work in progress and Capital advances; (2) Includes ‘Right of Use Asset' as per AS 116. (3) As on of September 30, 2022; 11#12Regulatory Environment Creating Strong Barriers to Entry Authorization & Incumbent Advantage Description Authorization to lay, build, operate or expand a CGD network MAHANAGAR GAS Implication for MGL • Built-in advantage for incumbent Authorization for Mumbai, adjoining areas and Raigarh its • Gas Allocation Price Determination As per MoPNG guidelines 10 August 2022, GAIL supplies for domestic gas to the CGD entities shall be made only up to the quantity available domestically. • . Availability of around 90% quantity for priority sectors Limited Market determined price gas requirement Pricing benchmarked to market price Ability to manage margins and pass on cost increases to customers of alternative fuels MAHANAGAR GAS LIMITED 12#13MGL Growth Strategy Further develop infrastructure MAHANAGAR GAS Seek Growth Opportunities Go to Market excellence to drive conversions across segments Digitization to improve customer experience, reduce project timelines and increase operational efficiency and run various schemes/loyalty program Inorganic CGD expansion Build new pillars to protect & de-risk future MAHANAGAR GAS LIMITED Continue Cost- Effective and Reliable Sourcing Arrangement Monitor cost of natural gas and endeavor to source natural gas in the most cost-effective manner Continue with commercially viable sourcing arrangements MOPNG allocation policy and pricing guidelines for domestic gas Term and spot contracts for commercial and industrial sourcing Increase penetration in existing markets Increasing population expected to increase demand for commercial and domestic natural gas Increase reach to new customers for CNG and PNG Growth opportunities in the Raigarh district Increase of Commercial goods on CNG due to availability of OEM CNG vehicles Developing LNG Station to cater Long Haul Vehicles Network strategy to speed the infra development Invest in infrastructure to cater to MGL's larger customer base and improve the quality of services Incur substantial capital expenditure to expand operations Add over 180 Kms of steel pipeline and 250 CNG filling stations during the next five years, in areas of operations#14MGL Shareholders MAHANAGAR GAS Shareholding Pattern as on 30th September 2022 Promoter, 32.50% Fils / FPIs, 28.37% GAIL (India) Ltd. • India's largest natural gas company with a market share of over 80% • Possesses transmission network of ~14,000 kms of natural gas pipeline transmission network with total capacity of 206 MMSCMD Other, 26.54% MAHANAGAR GAS LIMITED Government of Maharashtra • Government of Maharashtra, 10.00% Governor for the State of Maharashtra in Western India • Current shareholding in MGL: 10.00% Mutual Fund, 2.59% 14#15Our Experienced Management Team - As on 30th September 2022 MAHANAGAR CAS Mr. Sanjib Datta Managing Director (Nominee of GAIL) • Over 35 years of experience Heading business development function in GAIL Prior to joining Experience includes Merger & Acquisition initiative & Steering of Globalization efforts Mr. Sanjay Shende Deputy Managing Director (Nominee of GAIL) • Over 30 years of experience Experience in B2B sales, exports, and marketing • Prior Experience with GAIL (I) Limited. • Mr. Rajesh D. Patel Chief Financial Officer Over 28 years of experience Prior experience at Crompton Greaves Ltd., Philips India Ltd., and Adlabs Films Ltd. And Adani Infrastructure, Developers Pvt. Ltd., Mr. Rajesh P Wagle Senior Vice President - Marketing • Over 34 years of experience • Prior experience at GAIL, Quantum Information Systems Limited and Enron India Private Limited Mr. Srinivasan Murali Senior Vice President - Operations and Maintenance • Over 36 years of experience • Prior experience at Bilt Chemicals, Cabot India, Cement Corporation of India and Indian Aluminium Company • . Mr. T L Sharnagat Vice President - Contracts & Procurement and Chief Risk Officer Over 31 years of experience in Contracts & Procurement Prior experience at L&T, GAIL(India) Limited MAHANAGAR GAS LIMITED#16Our Experienced Management Team - As on 30th September 2022 Mr. Chakrapani Atmakur Vice President - Human Resources & Corporate Communication • Over 31 years of experience • Prior experience at SI Group(I) Pvt Ltd, Owens Corning (I) Ltd and M/s Indian Petrochemicals Corporation Mr. Gurvinder Singh, Vice President - Projects • Over 30 years of experience MAHANAGAR CAS • Prior experience at Nayara Energy Limited (formerly Essar Oil Limited) and BPCL. Mr. Manas Das Vice President - Business Development & Commercial • Over 27 years of Oil and Gas Industry experience. • Prior experience at Value Endow Consulting Private Limited, Kuwait Petroleum and Gail (India) Ltd. MAHANAGAR GAS LIMITED 16#17MAHANAGAR GAS LIMITED Financial and Operational Performance MAHANAGAR GAS 17#18Growth backed by increased customer base and coverage area CNG Customers (end users) Growth (In '000s) 5 Yr. CAGR 9.4% 855 889 792 751 692 545 609 PNG Customers (end users) Growth (In '000s) MAHANAGAR GAS 1,376 1,437 1,256 1,172 1,066 5 Yr. CAGR 10.1% 955 851 T FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 CNG Volume (mmscmd) 5 yr. CAGR 2.2% 2.167 2.143 1.900 1.985 1.415 2.540 2.114 PNG Volume (mmscmd) 5 yr. CAGR 2.2% 0.913 0.885 0.808 0.783 0.796 0.717 0.670 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 1. FY 21 performance was severely impacted except in household customer category. Sales volume were down due to lock down caused by COVID 19, 2nd wave of Covid 19 in April and May 2021 and 3rd wave of Covid 19 in January and February 2022. 2. CAGR is impacted adversely due to Covid 19 pandemic since March 2020.#19Revenue and Profitability REVENUE (INR Bn) 5 yr. CAGR CNG 9.4% 5 yr. CAGR PNG 17.0% 5 yr. CAGR Total 11.8% 14.34 20.51 18.83 15.37 MAHANAGAR GAS 22.50 20.71 12.97 12.81 8.83 8.94 9.34 8.35 6.76 5.84 FY 17 FY 18 FY 19 Gross Profit (INR Bn) FY 20 FY 21 FY 22 FY 23 H1 CNG PNG Others 15.93 15.15 13.92 14.05 12.04 10.16 FY 17 8.66 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 Note: 1) Revenue from Operations (Net) excluding Other Income 2) Gross Profit = Sale of Natural Gas and Traded Items - Cost of Natural Gas and Traded Items + Other Operating Income 3) Sales volume were down due to lock down caused by COVID 19, FY 21 performance was severely impacted, and FY 22 was partially impacted due 2nd wave of Covid 19 in Q1 FY 22 and 3rd wave of Covid 19 in Q4 FY 22 except in household customer category. 4) Revenue CAGR % for CNG and Total Revenue is impacted adversely due to Covid 19 pandemic since March 2020.#20Profitability EBITDA (INR Bn) 10.53 9.34 9.24 8.85 7.80 6.44 5.38 MAHANAGAR GAS FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 PAT (INR Bn) 7.92 6.20 5.97 5.48 4.79 3.93 3.51 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 = Note: 1) EBITDA Revenue from Operations - Total expenses excluding Finance Costs and Depreciation and Amortization Expense. (2) Profit After Tax = Total Revenue - Total Expenses - Tax Expense. (3) Due to Taxation Law (Amendment) Ordinance, 2019 tax rate has reduced to 25.17%. In FY 20, reduction in opening liability of Deferred Tax of INR 56.69 Crores and Current Tax reduction of INR 97 Crores has been considered. (4) FY 21 performance was severely impacted except in household customer category. Sales volume were down due to lock down caused by COVID 19, 2nd wave of Covid 19 in April & May'21 and 3rd wave of Covid 19 in January and February 2022. MAHANAGAR GAS LIMITED#21Capex and Operating Cash Flows The Company's financial position provides it with flexibility to expand its network in existing markets and MAHANAGAR expand to new markets in India Capex (INR Bn) Operating Cash Flow (INR Bn) GAS 2.7 2.5 3.6 4.3 6.5 9.9 9.0 8.1 6.8 6.5 3.4 5.3 3.0 4.8 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 Note: (1) Includes purchase of fixed assets, including intangible assets, capital work in progress and capital advances. (2) Net cash flow from operating activities as per the cash flow statement. MAHANAGAR GAS LIMITED 21#22Other Financial Metrics MAHANAGAR GAS Particulars FY17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 H1 Average Realization / SCM (INR) 21.5 22.4 25.7 27.3 26.4 32.3 47.6 Gross Margin / SCM (INR) 10.7 12.1 12.7 14.5 17.2 13.6 13.6 Opex/SCM (INR) 4.0 4.3 4.7 5.0 5.8 5.4 5.2 EBITDA / SCM (INR) 6.9 7.9 8.2 9.7 11.6 8.4 8.5 EBITDA Margin % 31.7% 34.9% 31.7% 35.4% 43.3% 26.0% 17.8% Days Receivable (Days) 13.6 12.2 10.0 8.3 13.6 13.5 12.5 RONW % (1) 22.0% 24.3% 24.3% 29.6% 20.1% 17.5% 9.5% EPS (INR) 39.8 48.4 55.3 80.33 62.7 60.4 35.3 (1) Note: Return on Net Worth = Profit After Tax / Average Net Worth (Share Capital + Reserves and Surplus) for the current year and previous year. (2) EPS & RONW are not annualized for the interim periods MAHANAGAR GAS LIMITED 22#23Creating value for shareholders Dividend Distribution 40.00 56.41% 35.00 46.00% MAHANAGAR GAS 60.00% 47.31% 43.59% 50.00% 30.00 41.37% 36.67% 40.00% 25.00 25.00 15.00 23.00 20.00 30.00% 20.00 20.00 15.00 6.50 6.50 20.00% 10.00 12.50 12.50 5.00 10.00% 0.00% FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 MAHANAGAR GAS LIMITED Note: 1. Payout Ratio calculated including Dividend Distribution Tax 2. Higher dividend in FY 20 for completion of 25 years 23#24MAHANAGAR GAS LIMITED Appendix MAHANAGAR GAS 2 24#25Board of Directors - As on 30th September 2022 MAHANAGAR GAS MAHANAGAR GAS LIMITED Mr. Mahesh V. Iyer, Chairman (Non-Executive Director - Nominee of GAIL) On the Board effective from September 01, 2022 • Director (Business Development), GAIL (India) Limited ⚫ Electrical Engineer with more than 36 years of rich and diverse experience in execution of projects in the areas of gas pipelines, LNG terminals, renewables etc. Mr. Sanjib Datta, Managing Director (Executive Director - Nominee of GAIL) Over 35 years of experience Heading business development function in GAIL Prior to joining Holds a Bachelor's degree in Electrical Engineering from Jadavpur University, Kolkata. Mr. Sanjay Shende, Deputy Managing Director (Executive Director - Nominee of GAIL) Over 30 years of experience Experience in B2B sales, exports, and marketing B.E. (Civil Engineering), Nagpur University, Post Graduate Diploma in Management from the Indian Institute of Management, Lucknow 25#26Board of Directors - As on 30th September 2022 MAHANAGAR GAS Mr. Syed S. Hussain, Independent Non-Executive Director On the Board effective from September 9, 2019 • Prior to taking over the charge of Additional Chief Secretary, GOM, additionally held the post of Principal Secretary of Revenue, Forest, Rural Development. He was also the CEO of Zilla Parishad, Nagpur and District Collector & Magistrate, Latur, Maharashtra. ⚫ B.A. (Hons.) in English and M.A. in English from University of Patna. He has also completed his M.Sc. in Admin Sciences & Development Problems from York University, UK. He completed course on Health Sector and Sustenance at World Bank, Washington D.C., U.S. and also did Short Term training program on infrastructure in market economy (Public-Private Partnership Project) in changing world, J.F. Kennedy Business School, Harvard University, Boston, U.S. MAHANAGAR GAS LIMITED Ms. Malvika Sinha, Independent Non-Executive Director ⚫ On the Board effective from August 24, 2021 • Served Reserve Bank of India ("RBI") for 38 years in various capacities, she retired as Executive Director in February 2020. • Masters' Degree in Public Administration from the Woodrow Wilson School of Public and International Affairs, Princeton University, USA, and a Masters' Degree in Arts from Elphinstone College, Mumbai University. Additionally, she is a Certified Associate of the Indian Institute of Banking. 26#27Board of Directors - As on 30th September 2022 MAHANAGAR GAS Mr. Venkatraman Srinivasan, Independent Non-Executive Director On the Board effective from August 24, 2021 ⚫ He is engaged in audit and assurance practice and direct tax and corporate advisory services since 1984. He specializes in statutory audits of banks, mutual funds and financial institutions and public sector organisations. • Fellow Member of the Institute of Chartered Accountants of India (ICAI). He completed his graduation in Commerce from Sydenham College of Commerce and Economics, Mumbai. MAHANAGAR GAS LIMITED Mr. Rajeev Bhaskar Sahi, Independent Non-Executive Director On the Board effective from August 24, 2021 ⚫ He has over 35 years of varied experience in the petroleum, media, hospitality, education and retail sectors. He had steered multiple functions including Corporate Planning, Operations, Logistics, Finance, Sales and Marketing, Organizational Restructuring and grassroot Project Implementation. • Post Graduate Program (MBA) in Finance and Marketing from Indian Institute of Management, Ahmedabad and Marketing Management Program - Brand Management and International Marketing, from Columbia Business School, USA. 27#28MAHANAGAR GAS LIMITED Financial Statements MAHANAGAR GAS 2 28#29Sr. Particulars No. | Revenue from Contracts with Customers Statement of Financial Results for the six months ended September 30, 2022 INR Mn For the six months ended For the six months ended 30th September 2021 15,744.20 30th September 2022 Other Income 33,107.10 459.90 III Total Income (I + II) 33,567.00 412.10 16,156.30 IV Expenses : Cost of Natural Gas and Traded Items 21,521.70 Changes in Inventories (7.30) Excise Duty on Sale of Compressed Natural Gas 2,933.00 5,732.20 (2.90) 1,287.90 Employee Benefits Expense 536.80 425.70 Finance Costs 47.60 Depreciation and Amortisation Expenses 1,087.80 37.20 925.50 Other Expenses 2,739.00 2,243.80 Total Expenses 28,858.60 10,649.40 V Profit Before Tax for the year (III-IV) 4,708.40 5,506.90 VI Income Tax Expense : (i) Current Tax (ii) Deferred Tax 1,169.80 1,301.40 46.90 121.80 Total Income Tax Expense (i+ii) 1,216.70 VII Profit After Tax for the year (V - VI) 3,491.70 1,423.20 4,083.70 VIII Other Comprehensive Income Items that will not be reclassified to profit or loss: Gains/(Losses) on Remeasurements of the Defined 30.30 (17.00) Benefit Plans Income tax relating to items that will not be reclassified to profit or loss (7.60) 4.30 Total Other Comprehensive Income 22.70 (12.70) IX Total Comprehensive Income for the year (VII + VIII) MAHANAGAR GAS LIMITED 3,514.40 4,071.00#30Statement of Assets and Liabilities as at March 31, 2022 Particulars ASSETS I. Non-current Assets (a) Property, Plant and Equipment (b) Capital Work-in-Progress (CWIP) (c) Intangible Assets (d) Right of Use Assets (e) Financial Assets (i) Trade Receivables (ii) Other Financial Assets (f) Income Tax Assets (net) INR Mn MAHANAGAR GAS As at 31st March 2022 As at 31st March 2021 24,580.77 6,159.45 52.31 1,504.19 20,409.11 5,603.20 56.54 1,227.53 0.06 0.10 450.79 332.47 763.42 497.28 (g) Other Non-current Assets 375.94 342.15 Total Non-current Assets (I) 33,886.93 28,468.38 II. Current assets (a) Inventories (b) Financial Assets 274.87 221.65 (i) Investments (ii) Trade Receivables 10,882.81 1,840.41 10,249.76 1,275.20 (iii) Cash and Cash Equivalents 824.83 281.87 (iv) Bank balances other than (iii) above 3,826.99 4,836.69 (v) Other Financial Assets 675.68 550.87 (c) Other current assets 125.58 127.02 Total Current Assets (II) Total Assets (I+II) MAHANAGAR GAS LIMITED 18,451.16 17,543.05 52,338.09 46,011.43 30#31Statement of Assets and Liabilities as at March 31, 2022 (Contd....) As at 31st March 2022 INR Mn MAHANAGAR As at 31st March 2021AS Particulars EQUITY AND LIABILITIES I. Equity (a) Equity Share Capital (b) Other Equity Total Equity (1) II. Liabilities A. Non-current Liabilities (a) Financial Liabilities (i) Lease Liabilities (ii) Security Deposits (b) Provisions (c) Deferred Tax Liabilities (net) Total Non-current Liabilities (A) B. Current Liabilities 987.78 34,985.45 35,973.23 987.78 31,335.93 32,323.71 824.05 7.98 258.59 2,007.98 573.13 8.11 224.54 1,772.51 3,098.60 2,578.28 (a) Financial Liabilities (i) Trade Payables - outstanding dues of micro and small enterprises 180.97 179.72 - outstanding dues of creditors other than micro and small enterprises 2,537.50 (ii) Security Deposits 7,150.12 (iii) Lease Liabilities 205.84 1,378.87 6,355.14 167.92 (iv) Other Financial Liabilities 2,450.34 (d) Other Current Liabilities (b) Provisions (c) Income Tax Liabilities (net) Total Current Liabilities (B) Total Liabilities (II = A+B) Total Equity and Liabilities (I+II) MAHANAGAR GAS LIMITED 52,338.09 614.45 97.36 29.69 29.69 13,266.26 11,109.43 16,364.86 13,687.72 2,316.64 605.26 76.21 46,011.43#32Statement of Assets and Liabilities Particulars ASSETS As at 31st March, 2022 As at 31st March, 2021 As at 31st March, 2020 INR Mn MAHANAGAR GAS As at 31st March, 2019 I. Non-current Assets (a) Property, Plant and Equipment (b) Capital Work-in-Progress (c) Intangible Assets (d) Right to Use Assets (d) Financial Assets (i) Trade receivables (ii) Other Financial Assets 24,580.77 6,159.45 52.31 20,409.11 5,603.20 19,262.19 4,865.33 56.54 46.35 17,587.53 3,696.87 46.61 1,504.19 1,227.53 1,183.37 0.06 0.10 0.23 0.63 450.79| 332.48 280.27 195.72 (e) Income Tax Assets (net) 763.42 497.28 409.28 336.14 (f) Other Non-current Assets 375.94 342.15 181.24 805.77 Total Non-current Assets (I) 33,886.93 28,468.38 26,228.27 22,669.26 II. Current assets (a) Inventories (b) Financial Assets 274.87 221.65 185.68 191.18 (i) Investments (ii) Trade Receivables 10,882.81 1,840.41 10,249.76 1,275.20 11,214.68 6,540.17 684.30 995.31 (iii) Cash and Cash Equivalents 824.83 281.87 153.76 265.31 (iv) Bank balances other than (iii) above 3,826.99 4,836.69 2,140.97 2,723.09 (v) Other Financial Assets 675.68 550.87 545.16 860.89 (c) Other current assets 125.58 127.02 127.43 165.03 Total Current assets (II) Total Assets (I+II) MAHANAGAR GAS LIMITED 18,451.16 17,543.05 15,051.98 11,740.99 52,338.09 46,011.43 41,280.26 34,410.25#33Statement of Assets and Liabilities (Contd....) Particulars EQUITY AND LIABILITIES I. Equity (a) Equity Share Capital (b) Other Equity Total Equity (1) II. Liabilities A. Non-current Liabilities (a) Financial Liabilities (i) Lease Liabilities (ii) Security Deposits (b) Provisions (c) Deferred Tax Liabilities (net) Total Non-current Liabilities (A) B. Current Liabilities (a) Current Financial Liabilities (i) Trade Payables INR Mn MAHANAGAR As at 31st March, 2022 As at 31st March, 2021 As at 31st March, 2020 As at 31st March, 2019 987.78 34,985.45 35,973.23 987.78 31,335.93 32,323.71 987.78 28538.90 29,526.68 987.78 23,000.92 23,988.70 824.05 573.13 490.01 7.98 258.59 8.11 224.54 2,007.98 1,772.51 5.57 184.10 1,606.66 18.09 143.11 2048.39 3,098.60 2,578.28 2,286.34 2,209.59 - outstanding dues of micro and small enterprises 180.97 179.72 - outstanding dues of creditors other than micro and 2,537.50 1,378.87 176.72 1141.03 64.75 1459.74 small enterprises (ii) Security Deposits 7,150.12 6,355.14 5,817.48 5,179.17 (iii) Lease Liabilities 205.84 167.92 176.07 (iv) Other Financial Liabilities 2,450.34 2,316.64 1,590.94 (b) Provisions (c) Income Tax Liabilities (net) (d) Other Current Liabilities 614.45 605.26 79.29 994.46 68.84 97.36 76.21 29.69 8.08 29.69 29.69 456.02 436.93 Total Current Liabilities (B) 13,266.26 11,109.43 Total Liabilities (II = A+B) 16,364.86 13,687.72 9,467.24 11,753.58 8,211.96 10,421.55 - Total Equity and Liabilities (I+II) 52,338.09 46,011.43 41,280.26 34,410.25#34Statement of Profit and Loss For the year ended INR Mn MAHANAGAR GAS Sr. Particulars No. 31st March 2022 31st March 2021 31st March 2020 31st March 2019 Revenue from Contracts with Customers Other Income 38,848.96 857.38 III Total Income (I + II) 39,706.34 23,377.93 805.11 24,183.04 32,644.86 989.53 33,634.39 30,567.93 777.13 31,345.06 IV Expenses : Cost of Natural Gas and Traded Items 20,457.76 Changes in Inventories (3.78) 7,472.07 1.02 13,794.90 13,992.64 Excise Duty on Sale of Compressed Natural Gas 3,247.12 1,852.56 0.50 2,923.58 (1.04) 2,657.20 Employee Benefits Expense 833.07 875.25 Finance Costs 75.34 Depreciation and Amortisation Expenses 1,962.68 71.94 1,736.73 806.34 65.25 1,617.26 708.79 3.23 1,259.31 Other Expenses 5,071.58 3,837.43 4,591.19 4,355.81 Total Expenses 31,643.76 15,847.00 23,799.02 22,975.94 V Profit Before Tax for the year (III-IV) 8,062.58 8,336.04 9,835.37 8,369.12 VI Income Tax Expense: (i) Current Tax (ii) Deferred Tax 1,857.84 1,977.47 2,331.01 2,613.97 235.27 162.79 (430.74) 291.26 2,093.11 2,140.26 1,900.27 2,905.23 WW 5,969.47 6,195.78 7,935.10 5,463.89 Total Income Tax Expense (i+ii) VII Profit After Tax for the year (V - VI) VIII Other Comprehensive Income Items that will not be reclassified to profit or loss: Gains/(Losses) on Remeasurements of the Defined 1.53 12.15 (28.97) 19.25 Benefit Plans Income tax relating to items that will not be reclassified to profit or loss (0.20) (3.06) 13.49 (6.73) Total Other Comprehensive Income 1.33 9.09 IX Total Comprehensive Income for the year (VII + VIII) 5,970.80 6,204.87 (15.48) 7,919.61 12.52 5,476.41 MAHANAGAR GAS LIMITED#35Statement of Cash Flows INR Mn MAHANAGAR GAS PARTICULARS I. CASH FLOW FROM OPERATING ACTIVITIES 31.03.2022 For the year ended 31.03.2021 31.03.2020 31.03.2019 Profit before tax as per Statement of Profit and Loss 8,062.58 8,336.04 9,835.37 8,369.12 Adjustments for: Depreciation and Amortisation Expense 1,962.68 1,736.73 1,617.26 1,259.31 Finance Costs 75.34 71.94 65.25 3.23 Other Non-Operating Items (Net) (594.45) (626.76) (654.61) (443.13) Operating Profit Before Working Capital Changes 9,506.15 9,517.95 10,863.27 9,188.53 Movements in working capital 1,652.32 602.26 1,369.17 365.96 Cash Generated from Operations 11,158.47 10,120.22 12,232.44 9,554.49 Income Taxes Paid (Net off refund) (2,121.63) (2,064.96) (2,380.05) (2,708.07) Net Cash from Operating Activities 9,036.85 8,055.26 9,852.39 6,846.42 II. CASH FLOW FROM INVESTING ACTIVITIES Payments for PPE/ Intangibles/ ROU Assets (Net) (6,473.15) (3,395.35) (4,258.35) (3,624.67) Payments for purchase of Investments (Net) (357.02) 1,287.22 (4,316.03) 473.49 Movements in Bank Deposits not considered as Cash & Cash Equivalents 1,016.36 (2,687.32) 551.33 (1,611.95) Interest Received 423.34 Dividend Received on Investments 346.50 9.82 317.80 182.23 156.84 Net Cash (used in) Investing Activities (5,390.47) (4,439.13) (7,548.40) 195.26 (4,385.63) III. CASH FLOW FROM FINANCING ACTIVITIES Repayment of Borrowings (11.95) Payment of Lease Liability (289.65) (262.36) (215.84) Dividend Paid (Includes Dividend Distribution Tax) (2,809.53) (3,221.00) (2,183.25) (2,330.24) Interest Paid (4.23) Net Cash used in Financing Activities (3,103.41) (4.67) (3,488.02) (16.45) (2,415.54) (3.44) (2,345.63) Net Increase/(Decrease) in Cash and Cash Equivalents (I+II+III) 542.96 128.11 (111.55) 115.16 Cash and Cash Equivalents at the beginning of the year (refer note 10) Cash and Cash Equivalents at the end of the year (refer note 10) 281.87 153.76 265.31 150.15 824.83 281.87 153.76 265.31 35 MAHANAGAR GAS LIMITED#36Safe Harbor • MAHANAGAR GAS This presentation may contain statements which reflect the management's current views and estimates and could be construed as forward looking statements. The future involves certain risks and uncertainties that could cause actual results to differ materially from the current views being expressed. Potential risks and uncertainties include such factors as general economic conditions, competitive product and pricing pressures and regulatory developments. MAHANAGAR GAS LIMITED 3 36#37Thank You....... MGL House, G-33, Bandra Kurla Complex, Bandra (E) Mumbai 400 051 T +91 22 6678 5000 F +91 22 6540093/1046 https://www.mahanagargas.com CIN L40200MH1995PLC088133 MAHANAGAR GAS LIMITED MAHANAGAR GAS 37