Gujarat State Petronet's (GSPL) result was above expectation on the back of higher than expectation volume and realization both. Revenue increased 14.8% YoY to Rs2,963 mn, EBITDA increased 18.3% toRs2.8 bn while PAT grew 25.8% to Rs1.5 bn. Volume expanded to 26.9mmscmd while implied tariff stood at Rs1.15/scm compared to Rs1.07/scm. We expect volume may remain strong in near term due to test run of RIL's few key projects. However, volume loss due to RIL's Petcoke Gasification plant would be a key overhang in FY19. The company acquired 11% stake in Swan LNG which would aid growth to its...