IGL continued to report stable growth rate on the volumes front, which grew 13.4% YoY to 6.3 mmscmd. The rise in environment awareness & regulations has prompted the need for CNG conversions in Delhi, thus benefiting IGL's CNG volumes at 4.7 mmscmd in Q1FY20 (up 13.7% YoY). On the PNG front, volumes increased 12.4% YoY to 1.6 mmscmd marginally below our estimates of 1.7 mmscmd. Higher volumes from Noida, Ghaziabad, Gurugram, Rewari and other new areas gives visibility for volume growth over the next two years. We estimate sales volumes at 6.5...