Sales volume of city gas distribution (CGD) companies are expected to increase in the range of 108-144% YoY as demand was affected by nationwide lockdown in base quarter. However, sequentially, demand is expected to be down 17-20% due to travel restrictions amid second wave of Covid-19. CGD companies' realisation are expected to increase YoY due to price hikes. Subsequently, gross margins are expected to be higher YoY for CNG heavy companies. For PNG-heavy companies, gross margins are expected to decline YoY due to higher gas prices. On QoQ basis, margins...