Gujarat Gas announced its Q2FY18 results, which were below our estimates on both revenues and profitability front as a result of lower than estimated volumes. Revenues increased 12.5% YoY to | 1391 crore and came in below our estimates of | 1498.7 crore Total reported volumes came in at 5.7 mmscmd vs. our estimate of 6.1 mmscmd. Gross margins at | 6.7/scm came in below our estimates of | 7.3/scm on account of higher spot LNG prices. As a...