GAIL has come out with strong set of numbers in Q1FY19 where it beats us at operational level while PAT came in line with estimates. Volume across segments grew significantly YoY led by gas trading, transmission and Petchem business. Gas trading volume grew 24% YoY to highest-ever 97.2mmscmd and EBITDA also reached to highest-ever level of Rs5.5 bn. GAIL's EBITDA/PAT increased 18.1%/22.8% YoY to Rs22.4 /12.6 bn in Q1FY19. Gas volume outlook in India remains buoyant on the back of ban of Petcoke & FO in few states and huge supply growth due to upcoming LNG terminal at Mundra and Ennore. However, higher gas prices at current levels raises concern on...