Petroleum and Natural Gas Regulatory Board (PNGRB) have announced the final gas pipeline tariff for Gujarat State Petronet (GSPL). The upward revision in tariffs was above our estimates. Pipeline tariffs increased 28% from | 26.58/mmbtu (~| 1.1/scm) to | 34/mmbtu (~| 1.4/scm) for the main high pressure pipeline against our expectation of 20% increase in tariffs. Subsequently, we increase our tariff estimates by ~7.5% from | 1.35/scm to | 1.45/scm from H2FY19 onwards. The tariff revision has led to an increase in FY19E EPS by 6.2% and FY20E EPS by 11%....