Gujarat State Petronet's (GSPL) Q4FY18 revenue and EBITDA came in-line with our expectation, while PAT was a miss due to higher than expected tax rate. Revenue increased 43.2% YoY to Rs3.5 bn mainly led by strong volume growth while implied tariff remained flattish. Volume grew 45.9% YoY to 34.1mmscmd while pipeline tariff remained flattish at Rs1.12/scm. We are keeping our estimates largely unchanged. We are factoring almost flattish growth in revenue/EBITDA/PAT in FY20 vs FY18 as we expect the company's volume to decline in FY19 to 30mmscmd (31.5mmscmd in FY18) due to start of...