IGL reported revenues of Rs 9.3bn (-1.6% YoY), led by lower realisation. The companys gross margins improved as the reduction in CNG/PNG prices was not on a par with the cut in the domestic gas price. However, higher other expenses resulted in EBITDA of Rs 1.9bn (-2% YoY). Consequently, APAT was Rs 1.1bn (-3% YoY).