Key takeaways from our meeting with the Indraprastha Gas (IGL) management: (a) buoyant volume growth outlook to sustain at >10% CAGR over FY18FY21; (b) limited impact from PNGRB concept paper (read our analysis here) that paves the way for competition in existing areas, as tariff calculations remain uncertain; and (c) stable operating margin outlook as primary focus remains on expanding volumes. Recent volume growth, if sustained, may carry earnings...