Gujarat State Petronet's (GSPL) Q2FY21 result was in-line with our estimates where it recorded highest-ever gas transmission volume. Revenue declined by 9.2% YoY to Rs 5.8bn due to lower realization at Rs 1.6/scm, down 10% YoY. Though gas transmission volume crossed pre-Covid level and registered a growth of 1.5% YoY to 39.8mmscmd (+20% QoQ). EBITDA/scm declined to Rs1.04/scm in Q2FY21 from Rs1.21/scm in Q2FY20 due to lower tariff and higher other expenses. Implied tariff fell by 7.2% YoY to Rs 1.24/scm. We are largely keeping estimates unchanged while introduce FY23E financials and expect its volume/revenue/EBITDA to see a CAGR of 9%/10%/13% over...