Downgrade to Neutral. GAIL 1QFY19 revenue was Rs 172.99bn, up 51.7% YoY and 12.1% QoQ. EBITDA was at Rs 22.44bn, up 18% YoY and 32% QoQ owing to strong performance by NG transmission, marketing and petchem segment. NG transmission and marketing volumes were up 7% and 24% YoY. Petchem EBIT was Rs 2bn (+339% YoY) as company enjoyed operating leverage.