IGL underperformed the broader index by 20% over last one year, as restricted vehicular movement during pandemic hit FY21 CNG volumes by 22.5%YoY (CNG accounts for ~70% of IGL's overall FY21 volumes). However, we expect CNG sales to rise going ahead given 1) receding pandemic concerns, 2) expanding vaccination coverage, 3) continued preference for personal mobility, 4) favorable fuel economics (CNG ~70% cheaper to petrol)...