GAIL's Q2FY19 results have been a beat at all front on the back of robust performance from gas transmission and gas trading segment. EBITDA and PAT increased by 41.5%/49.9% YoY to reach at all time high levels of Rs29/19bn respectively mainly driven by robust profits from gas trading business and pipeline tariff revision. The company also included Rs2 bn on upward tariff revision for H1FY19 and one-time take or pay settlement of Rs1.3 bn which boosted profits. Gas trading volume grew 14% YoY to 96mmscmd whereas gas transmission volume remained flattish YoY to 106mmscmd. We are raising our EPS estimates by 18%/14% in FY19E/FY20E led by new transmission...