29 January 2019 Against our expectation of +6% volume growth, MAHGLs total volume growth came in at +8% YoY for 3QFY19. INR appreciation helped the company to increase its EBITDA/scm from INR8.1 in 2QFY19 to INR8.8 in the quarter. Led by higher volumes and margins, EBITDA came in at INR2.4b (est. INR2.2b, +19% YoY, +8% QoQ), while PAT came in at INR1.5b (est. grew at 8% YoY while total PNG growth stood at 7%. Within PNG, domestic volume grew at 13% YoY, 6% QoQ. MAHGLs total sales volume stood at 2.96mmscmd, a growth of 8% YoY, flat sequentially.