23 June 2020 AGIS reported 4QFY20 EBITDA of INR930m (-10% YoY), 29% below est. on higher other expenditure and lower LPG throughput. The company recognized ESOP expenses of INR0.4b (in addition to INR1.9b for 9MFY20). It continues to take an INR20m commission provision toward the managing directors (in addition to INR60m for 9MFY20) in the other expenses for the quarter. Other income came in higher than estimated, resulting in PBT of INR860m (flat YoY and QoQ). Tax rate for the quarter stood at 45.8% as the company adopted the new lower tax rate (by realizing deferred tax assets). PAT for the quarter stood at INR341m (-45% YoY). EBITDA for Liquids increased 28% YoY to INR370m and EBITDA for Gas increased 37% YoY to INR1,220m in the quarter. AGIS operates 115 stations, and the company had earlier guided for ~200 stations over the next five years. In FY20, EBITDA stood at INR2.