GSPL reported natural gas transmission volume growth of 6.6% YoY and down 1% QoQ to 39.4 mmscmd. City gas distribution sector was the largest contributor to volume growth YoY. On a QoQ basis, volume offtake mix for CGD sector increased to 32% vs. 27%. Refinery/petchem sector's offtake declined to 18% from 25% while power sector's offtake was steady at 23%. We build in lower volumes in the current quarter as the sharp surge in spot LNG prices in January is likely to affect transmission volumes mainly in industrial/commercial segment. We revise our FY21E volume estimate to...