9 November 2019 Standalone net sales were 6% higher than our est. at INR5.4b (-10% YoY), led primarily by higher than expected transmission volume and marginal improvement in implied tariff. Revenue in 2QFY19 included one-time retrospective adjustment in tariff; resulting in gas transportation in the quarter declining 10% YoY at INR5.3b. EBITDA was down 15% YoY at INR4.4b and PBT down 15% YoY (+16% est. led by lower interest cost) at INR3.9b. The company re-measured its DTL of INR12.8b, in line with adoption of the new lower tax rate. PAT was up 41% YoY to INR4.5b. EBITDA was down 2% YoY at INR8.4b, while PBT was flat YoY at INR7.