Petroleum and Natural Gas Regulatory Board (PNGRB) have announced the final tariff for four gas pipelines of Gail. The upward revision in tariffs was above our estimates. The tariffs for the important Dahej-Uran-PanvelDabhol pipeline (DUPL-DPPL) increased 54% from | 24.49/mmbtu (~| 1.14/scm) to | 37.78/mmbtu (~| 1.76/scm). This pipeline has gas transmission volumes of ~14 mmscmd i.e. ~13% of Gail's current volumes. Also, tariffs of other three small pipelines have increased 161691%. Subsequently, we increase our tariff estimates by ~5.6% from H2FY19E onwards and increase tariffs from | 1.42/scm to | 1.51/scm for FY20E. The tariff revision has led to an increase in FY19E EPS by 1% and...