IGL reported revenues of Rs 9.2bn (-5.3% YoY) led by lower realisation. EBITDA margin declined to Rs 5.1/scm (-8.2%) owing to the hike in domestic gas prices effective 1-Nov-14 and no matching rise in CNG and PNG prices. However, lower depreciation (change in accounting policy) and lower interest cost (debt reduction) boosted PAT to Rs 1.0bn ( 6%).