IGL's volume declined sharply 56.6% YoY to 2.7 mmscmd during the quarter on account of lockdown. CNG sales volume fell 65.6% YoY to 1.6 mmscmd (our estimate: 2.2 mmscmd) due to travel restrictions. PNG volumes also degrew 30.3% YoY to 1.1 mmscmd (our estimate: 1.2 mmscmd). Within PNG segment, domestic PNG segment reported strong growth of 39% YoY while industrial/commercial PNG segment de-grew 40% YoY. CNG & industrial/commercial PNG volumes are expected to remain subdued due to extended lockdown in the near term. We expect volume growth to be witnessed from Q4FY21E onwards. We estimate sales volumes at 5.1...