EBITDA below estimate; in-line transmission volumes Reported revenue rose 31% YoY (+5% QoQ) to INR3.5b, falling short of our estimate of INR3.8b, primarily due to lower implied tariffs. EBITDA of INR2.97b (+31% YoY, +4% QoQ) was below our estimate of INR3.3b due to higher O&M expenses of INR137/mscm (+33% YoY, +11% QoQ). Reported PAT stood at INR1.8b (est. of INR1.9b, +53% YoY, +2% QoQ) - the difference at PAT level declined due to a lower tax rate of 30% (est. of 34.3%; 32.1% in 2QFY18 and 34.9% in 3QFY17).In-line transmission volumes; lower implied tariff Transmission volume grew 28% YoY (+6% QoQ) to 33.5mmscmd (in-line) in 3QFY18, which is believed to be led by higher off take from the power sector. Implied transmission tariff stood at INR1,123/mscm (est. of INR1,200; +3% YoY, +1% QoQ).