Gujarat Gas volumes number were below our estimates. Growth in the commercial segment has been encouraging but has come at a cost of margin decline. Gujarat Gas was impacted by the sharp increase in the input cost mainly RLNG. Gas cost increased by 35.8% on a YoY basis. With prices on the higher side and ongoing festive season, Gujarat gas could not pass on completely the impact of increased input cost. Industrial segment (nearly 70% of volumes) is very price sensitive and creates lot of volatility on spreads. We believe that volume and spread balance will be the key for...