Higher crude oil price is providing competitive advantage to its Henry Hub linked gas, where 90% of volume is already tied up for FY19 and ~50% for FY20. Also, the company is quite hopeful for the implementation of unified tariff which would be significantly positive. We are cutting our TP to Rs393 from Rs403. Maintain BUY. Key Highlights and Investment Rationale Lower profits from gas trading, petchem businesses drag down the profits Gas trading EBITDA declined 65% YoY to Rs1.6 bn owing to the penalty paid due to delay in US-based cargos. Also, Petchem profits decreased 25% YoY to Rs1.4 bn...