IGL continued to report strong growth rate on the volumes front, up 15.9% YoY to 6.3 mmscmd. The rise in environment awareness & regulations has prompted the need for CNG conversions in Delhi, thus benefiting IGL's CNG volumes at 4.6 mmscmd in Q4FY19 up 13.1% YoY. On the PNG front, volumes increased 20.2% YoY to 1.7 mmscmd. Delhi's green budget with plans to provide concession of 50% on registrations of CNG cars will promote the cleaner fuel. Also, the relatively high petrol and diesel prices favour IGL's volume growth. We estimate sales volumes at 6.6 mmscmd and...