5 February 2019 Gas trading and petrochem segments suffered, while LPG and liquid HCs performed better than expectations, resulting in EBITDA of INR26.7b (our 2QFY19 included one-off gain of INR1.33b in the trading segment. With sales volume of 96mmscmd (+9% YoY, flat QoQ), gas trading EBIT stood at INR6.8b (+98% YoY, -35% QoQ) in 3QFY19. Petrochem sales stood at 173tmt (-2% YoY, -5% QoQ). The company was stabilizing its plant to produce metallocene films, a premium product. Since Jan19, the plant is running at full capacity. EBIT declined 68% YoY (-82% QoQ) to INR297m, also due to a decline in benchmark product deltas. LPG and HC sales stood at 342tmt (+5% YoY, +1% QoQ). EBIT stood at INR8.3b (+27% YoY, +9% QoQ). Gas transmission volumes stood at 108mmscmd (-1% YoY, +2% QoQ). Implied tariff was at INR1,486/mscm (+12% YoY, +1% QoQ). For 9MFY19, EBITDA grew 32% YoY to INR78.