IGL reported a beat on EBITDA on the back of lower other expenditure. CNG volumes were in line with est. (-21% YoY). Total volumes were marginally higher (5%) than est., primarily led by domestic volumes. As most of the restrictions of the COVID-19 lockdowns are being relaxed, we believe the company would now be able to recover CNG volumes to preCOVID levels in 3QFY21 (v/s our earlier est. of recovery in 4QFY21). Volumes would further be aided by increasing demand for personal mobility in the festive season and various commercial segments (restaurants and malls) ramping up their operating capacities....