Gail India reported a mixed set of Q3FY20 numbers. The profitability of gas transmission & gas trading came in above our estimates on an operational basis while LPG segment results were below our estimates. Revenues for the quarter fell 10.2% YoY to | 17767.3 crore. Subsequently, EBITDA at | 2072.4 crore (down 22.5% YoY), was above our estimate of | 1744.7 crore....