In Q1FY18, Mahanagar Gas (MGL) reported a mixed set of numbers with higher profitability but a disappointing volume performance. The topline increased 9.1% YoY to | 582.9 crore in line with our estimates. Volumes increased 2.7% YoY to 2.6 mmscmd and came in below our estimate of 2.7 mmscmd. CNG volumes grew a mere 1.4% YoY and were at 1.88 mmscmd (our estimate: 1.98 mmscmd)...