Indraprastha Gas' (IGL) Q4FY19 consolidated earnings were in line at Rs 2.4bn (+24% YoY). IGL's core volumes at 6.3mmscmd (+17% YoY) outperformed our estimate of 5.9mmscmd, driven by a surge in CNG (+15% YoY) and industrial PNG (+30% YoY). However, EBITDA underperformed at Rs 5.9/scm, as the company prioritises volume expansion over margins. We cut FY20/FY21 earnings by 10.6%/12.3% as we trim margins. Our DCF-based...