GAIL's Q4FY20 results were in line with our estimates on revenue front and above estimates on profitability parameters. Natural gas transmission segment revenues were up 6% YoY and saw marginal decline sequentially due to volumes lost in last 10-15 days of March due to nationwide lockdown, which reduced the consumption in CGD sector and many industries and plants were shut. Gas marketing segment EBIT improved sequentially. Weakness in the petchem business continued due to low demand and low...