3 February 2020 3QFY20 revenues were 13% higher than est. at INR21.7b (+64% YoY), led by boost in gas business revenues (LPG logistics volumes up 68% YoY and 28% QoQ). According to management, AGIS is expected to see gas throughput jump ~2.0mmtpa over the next two years (on base of 2.5mmtpa in FY19). We remain positive on the companys gas division and reiterate The company has recognized ESOP expenses of INR0.4b (in addition to INR1.5b in 2QFY20), which led to EBITDA miss of 18% at INR1.1b (v/s gain of INR0.9b in 3QFY19). Adjusting for the ESOP, EBITDA was 14% higher than est. The company has also taken INR20m provision for commissions to the Managing Director (totaling to INR60m for 9MFY20) in other expenses.