nationwide lockdown was announced in the last 10 days of March, which lead to a slump in demand of gas. Operating profit was below our estimates, due to higher other expenses as they moved to IndAs which included lease impact and forex impact as rupee depreciated by Rs. 4 in Q4FY20. The overall volumes were 219 TBTU in Q4FY20. Volume at Dahej was 206 TBTU, and Kochi volumes and capacity utilization remained low. Given gradual capacity addition and increase in re-gasification margins,...