GAIL's Q4FY19 adj. PAT came in below estimates at Rs 13.3bn (+28% YoY). EBITDA (Rs 16.8bn, flat YoY) was affected by higher other expenses. Operationally, volumes and gross margins were in line across segments. Management reiterated that (a) hedges/swaps on US LNG should protect trading EBITDA until FY22 (as evidenced in Q4FY19), (b) gas transmission volumes remain upbeat, and (c) the worst looks to be over for the cyclical...