IGL reported EBITDA of INR2.8b (+20% YoY, +11% QoQ), in line with our estimate. During the quarter, the company reversed a provision of INR160m on account of negotiation with OMCs for trade margin payable to them for sale of CNG for the earlier period. Adjusting for that, EBITDA/scm increased to INR5.7 (v/s our estimate of INR5.6; INR5.4 in 3QFY18, INR5.6 in 4QFY17). 23 May 2018 PBT rose 30% YoY (+8% QoQ) to INR2.7b (est. PAT stood at INR1.75b (in-line; +30% YoY, +5% QoQ). CNG volumes grew 10% YoY (+2% QoQ) to 3.