IGL reported EBITDA of INR2.6b (+3% YoY, -7% QoQ), below our estimate of INR2.8b, led by higher gas cost. EBITDA/scm declined to INR5.4 (v/s our estimate of INR6; INR6.0 in 3QFY17, INR5.9 in 2QFY18). PBT rose 17% YoY (-4% QoQ) to INR2.5b (est. of INR2.7b). Adj. PAT stood at INR1.66b (est. of INR1.8b; +10% YoY, -2% QoQ); the differential at PAT level declined due to higher other income of INR326m (est. of INR280m; +114% YoY, +30% QoQ) and a lower tax rate of 33.6% v/s our estimate of 34% (35.3% in 2QFY18, 32.5% in 3QFY17)