Beating ours as well as consensus estimates, GAIL (India) has reported a strong performance in 1QFY20. Its EBITDA grew by 1% YoY and 34% QoQ to Rs22.6bn led by higher margin (US$0.39/ mmbtu vs. US$0.26 in 1QFY19) in gas trading and higher tariff realisation (US$0.62/mmbtu vs. US$0.56 in 1QFY19) in gas pipeline segment. Despite lower spot LNG prices and 2% QoQ fall in gas trading volume, gas trading segment's EBITDA jumped by 46% QoQ on the back of favourable gas trading mix (higher RLNG and lower domestic gas). Its reported net profit grew by 2% YoY and 15% QoQ to Rs12.9bn backed by higher other income (+26% YoY) and lower interest expense (-46% YoY). The Company expects to increase the utilisation level of its petrochemical...