Volume growth stronger than expected. Spreads Muted. Maintain BUY. IGL volume at 6.27 MMSCMD with realizations of ` 27.2 per SCM (up 7.3% YoY) was ahead of estimates. Volume growth was spurred by strong performance in the industrial segment. Gas cost also reduced 3.9% sequentially. Gross spreads were strong at ` 11.2 per SCM. We believe that gas cost should increase sequentially and IGL has taken adequate price hikes to maintain / expand spreads. Volume growth outlook looks good and we believe that IGL should be able to maintain double-digit volume...