Mahanagar Gas (MGL) reported its Q3FY18 results that were broadly in line with our estimates. The topline increased 15.1% YoY to | 638.3 crore, above our estimate of | 620 crore on account of marginally higher volumes, realisations. Volumes increased 7.1% YoY to 2.74 mmscmd and came in marginally above our estimate. CNG volumes grew 6.9% YoY and were at 2.01 mmscmd whereas PNG volumes grew 7.3% YoY and came in at 0.73 mmscmd Although gross margins per scm at | 14.6/scm were above our...