mmbtu), as it procured spot LNG in 1QFY20. Despite sequential increase in APM gas prices (from US$3.36 to US$3.69/mmbtu) the company's cost of gas reduced by 5% QoQ. Reported EBITDA grew by 31% YoY and 29% QoQ to Rs2.7bn (18%/26% above street and our estimates), while EBITDA realisation of Rs10.3/scm improved by Rs2.2/scm YoY. Other expenses declined by 13% QoQ impacted by Ind As-116. Reported net profit grew by 33% YoY and 28% QoQ to Rs1.7bn (above street and our estimates). MAHGL is reaping benefits of lower spot LNG prices, which is likely to continue at least in 2QFY20. In view of the recent correction in the stock price,...