MGL reported lower volume growth of 3% YoY against our expectation of 5.4% YoY. Lower growth in CNG volume at 2.4% YoY (our estimate: 5.5%) to 2.2 mmscmd mainly led to weaker volume growth. On the PNG front, volumes were in line with estimates, increasing ~5.1% YoY to 0.8 mmscmd. We marginally reduce our volume estimates for FY20E due to subdued growth in Q3FY20. We estimate sales volume at 3.1 mmscmd for FY20E. The cost economics of natural gas over other alternative fuels in conjunction with rising pollution concerns having higher growth rate over the long term...