Muted performance all around: Mahanagar Gas' (MGL's) reported weak results in Q1FY21 with EBITDA and PAT at Rs800mn (PLe: Rs893mn; 71%YoY) and Rs452mn (PLe: Rs548mn; -73%YoY) respectively. Lower operating profit was due to weak volume, partly compensated by better than expected margins. For Q1, MGL's gross margins were at Rs17.6/scm vs Rs17.9 in Q4, but higher opex/scm at Rs8.2/scm (due to lower volumes) led to...