Gross margins in Q3FY21 were at | 14.4/scm (up | 2.8/scm YoY and | 0.8/scm QoQ) above our estimates due to lower than expected gas costs. Subsequently, the company reported strong EBITDA/scm at | 8.7/scm, up | 2.3/scm YoY and | 0.6/scm QoQ. With increase in petrol and diesel prices, the competitive advantage of CNG increased substantially over past few months. Hence, we believe that IGL will be able to pass on higher costs to customers in future. Going forward, on account of increase in LNG prices, we expect gross margins to decline from current high levels. Subsequently,...