GAIL's Q4FY19 result was a miss to our estimate owing to lower profits from Petchem and Gas trading segment. Revenue/Adj. PAT increased by 21.6%/13% YoY to Rs187bn/Rs11bn whereas EBITDA remained flattish YoY at Rs16.8bn in Q4FY19. Gas trading volume increased 10% YoY to 98mmscmd whereas gas transmission volume grew by 3% YoY to 109mmscmd. The company has already booked ~90% of US LNG volume in CY20 which provides positive growth outlook. We slightly tweak our TP to...