6 May 2019 EBIDTA increased 14% YoY (-21% QoQ) to INR2.5b (in-line) in 4QFY19. PAT due to a lower tax rate of 22.7% owing to write-back of excess tax provision and accrued income tax refund during the year. Total sales volumes declined 5% YoY (-2% QoQ) to 6.4mmscmd (in-line). industrial/commercial (PNG I/C) volumes stood at 4.3mmscmd (-7% YoY, -5% QoQ), while PNG household volumes were at 0.6mmscmd (-13% YoY, +15% QoQ). We have modeled PNG sales volumes of 6.6/7.3mmscmd for FY20/21, in line with the expected demand boost at Morbi. volumes stood at 1.5mmscmd (+8% YoY, +3% QoQ). We have modeled CNG volumes at 1.