Q1FY19 performance: IGL's volume continues to be robust with PNG driving growth. Domestic PNG sales grew by 13% yoy and third-party trading by 11% yoy, driven by aggressive household additions and higher usage in Gurgaon and Faridabad. Industrial demand was supported by FO/Pet Coke ban pushed by the Courts. However, margin scenario is more challenging on the back of rising gas cost and increase in overheads. With a higher share of Industrial PNG in the volume mix, there is a natural margin dilution pressure. IGL had offsetting revisions between past quarterly revenue and other expenditure, which we believe could be related to OMC commissions. Employee cost was...