GAIL reported a beat of 25% on EBITDA at INR24.8b (+47% YoY, +19% QoQ). EBITDA was up 13% YoY to INR11.6b, with transmission volumes at 109mmscmd (flat YoY and QoQ), implying ~53% utilization. Gas transmission EBIT was up 15% YoY to INR8.9b. EBITDA was flat YoY at INR1.1b, with volumes up 2% YoY at 1.04mmt (102% utilization). LPG Transmission EBIT was also flat YoY at INR0.9b. EBIT was higher than expected at INR6.0b (+3% YoY, +29% QoQ), while volumes stood at 97.8mmscmd (flat YoY, +2% QoQ). Petchem sales were lower 18% YoY/QoQ at 174kmt; however, EBITDA at INR1.85b (~2x YoY) was due to lower gas cost. Nevertheless, realization was also lower 13% YoY at INR70/kg (flat QoQ). EBITDA came in at INR5.5b (+23% YoY, +74% QoQ), led by better realization. Transmission segment should remain a major contributor to EBIDTA (>50% share) and volumes are expected to grow to ~125mmscmd in FY22E.