IGL reported revenues of Rs 9.0bn ( 3.8% YoY) led by muted volume growth of 2.3%. EBITDA margins declined to Rs 5.6/scm (-8%) due to the timing mismatch between hike in domestic gas prices and matching rise in CNG prices. Consequently, EBITDA was Rs 2.0bn (-6%) and APAT was Rs 1.0bn (-10.7%).