Volumes decline; to go down further on lower Reliance offtake The quarter witnessed disappointing natural gas transmission volumes, below our estimates. Volumes declined 5.1% YoY to 32.4 mmscmd. On a QoQ basis, lower volume offtake of LNG led to 6.1% QoQ decline in volumes. We build in lower volumes in FY20E than FY19E on account of estimated ramp up from RIL's petcoke gasification project. However, higher volumes from the 5 MMTPA Mundra LNG terminal will negate, to some extent, the negative impact on volumes. Also, volumes from Petronet LNG's...