While logistics volumes grew 25% YoY (declined 11% QoQ) to 484kmt, sourcing volumes grew 4% YoY (declined 7% QoQ) to 285kmt and distribution volumes grew 35% YoY (2% QoQ) to 21kmt. Logistics volume growth should remain strong led by the ramp-up of Haldia and Pipavav terminals. While Mumbai, Kochi and Haldia are operating at full capacity, Pipavav is operating at ~25% utilization. Profitability during the quarter was impacted because of shift in product mix. Kandla and Mangalore terminals are expected to start operations in 1QFY19 and 2QFY19, respectively. For FY18, EBITDA grew 29% to INR2.7b and PAT grew 64% to INR1.98b. Gas division EBITDA grew 32% to INR2b and Liquids division EBITDA grew 13% to INR1b. Management has recommended a final dividend of INR0.75/share, in addition to an interim dividend of INR0.5/share. We believe AGIS is a key beneficiary of Indias rising LPG consumption.