4 November 2018 GUJGA reported significantly lower EBITDA of INR1.6b (-21% YoY, -35% QoQ) compared to our estimate of INR2.4b, primarily due to its inability to pass on increased raw material cost to the consumers. PAT came in at INR411m (our EBITDA/scm declined sharply by 32% YoY (- 38% QoQ) to INR2.6, much below our estimate of INR4.0 due to lower pricing in the industrial segment. We model EBITDA/scm of INR3.3/4.1 for FY19/20. PNG industrial/commercial volumes stood at 4.7mmscmd (+18% YoY, +3% QoQ), while PNG household volumes were at 0.5mmscmd (+17% YoY, +28% QoQ). We have modeled PNG volumes of 4.8/5.3mmscmd for FY19/20.