Gujarat State Petronet's (GSPL) Q1FY21 profits were slightly better than our estimates owing to lower than expected gas transmission expenses and other expenses. Revenue declined by 9.4% YoY to Rs 4.6bn due to fall in volume by 12.9% YoY to 33.3mmscmd. EBITDA declined by 13.9% YoY to Rs 3.5bn, whereas PAT declined by 3.3% YoY to Rs 33.3bn. Implied tariff remained flattish YoY to Rs1.3/scm. Lower volume was primarily led by 55.5% drop in CNG volumes to 4.7mmscmd followed by 16.4% drop in Refinery/Petchem to 11.3mmscmd and 32% drop from fertilizers industry to 2.66mmscmd. However, on a positive note power sector offtake saw a sharp rise of...