Sales volume of city gas distribution (CGD) companies with higher CNG contribution are expected to fall in the range of 4-5% YoY as demand was not fully restored. Industrial PNG segment, however, witnessed faster recovery and are expected to report YoY growth. Domestic PNG sales volume are expected to remain steady. On the margin front, we expect an improvement YoY as CGD companies have not fully passed on lower gas cost to customers. On a QoQ basis, margins are expected to decline, to some extent, on account of an increase in spot gas prices during the quarter. For...