Gujarat State Petronet (GSPL) volumes were below our estimates. Revenue and profitability were below estimates due to lower than expected volumes and higher than expected other expenses. However, this was offset to some extent by increase in transmission tariffs. Transmission tariffs increased by 32.6% YoY to ` 1.48/SCM. With lower economic activities, spot volume proportion should have been lower and impacted tariff and revenue. Considering that RIL volume off-take will reduce in FY20, volumes are expected to reduce on a sequential and yearly basis....