Volumes increase due to higher CGD, industry offtake GSPL reported healthy natural gas transmission volume growth of 4.8% YoY to 38.2 mmscmd. On a QoQ basis, higher volume offtake from city gas distribution (CGD) sector, power and refining/petchem sector led to 17.9% QoQ increase in volumes. However, we build in lower volumes, going forward, on account of the estimated ramp up from private refinery petcoke gasification project. This would impact GSPL's volume growth in the near term. In the medium term, volumes from CGD and power sector will negate,...