Gujarat State Petronet's (GSPL) Q2FY19 results were a strong beat to our estimates on the back of higher than expected tariff and one-off revenue. Due to tariff revision, the company booked Rs2.2 bn of unbilled revenue for H1FY19 during the quarter. Revenue was up 78.7% YoY to Rs5.9bn, EBITDA increased by 80.8% YoY to Rs5.1bn and PAT grew by 82.7% YoY to Rs32.3bn. The company reported volume growth of 10.9% YoY to 35mmscmd (our estimates 36mmscmd) while net implied tariff grew by 62.8% YoY to...