Gujarat State Petronet's (GSPL) Q4FY19 results were a miss to our and consensus estimates on the back of lower than expected volume and higher than expected operating expenses, partially offset by slightly better implied tariff. Revenue was up 23.8% YoY to Rs4.4bn, EBITDA increased by 13.9% YoY to Rs3.3bn, whereas PAT declined 2.6% YoY to Rs1.5bn. The company's volume declined 5% YoY to 32.4mmscmd on the back of RIL shutdown while net implied tariff grew by 26.7% YoY to Rs1.47/scm. We maintain our FY20 numbers unchanged and introducing FY21 financials. We expect its revenue/EBITDA/PAT to grow modestly at a CAGR of 2.9%/4.2%/7.7% during...