8 June 2020 Lower-than-expected volumes and implied tariff led to an EBITDA miss, while lower tax rate helped GSPLs PAT (in-line) during 4QFY20. The QoQ volume decline was primarily led by lower gas offtake from various fertilizer and refining/petchem units due to the nationwide COVID-19 led lockdowns. Despite the COVID-19 impact, FY20 transmission volumes were up 9% YoY to 37.8mmscmd with implied tariff at INR1,379/scm (v/s INR1,455/scm in FY19). There are concerns over tariff reduction for the company, in line with the revised new tax rate and over-utilization of the pipeline. However, the increase in capex (due to capacity expansion) should ensure lesser impact on its tariff. Transmission volume for the quarter stood at 36.8mmscmd (-6% est. +14% YoY), with Implied tariff at INR1,284/scm (-8% est. -12% YoY). Thus, net sales came in at INR4.4b (+1% YoY) and EBITDA at INR3.6b (+8% YoY), both lower than est.