Gujarat State Petronet's (GSPL) Q3FY21 result was in-line with our estimates. Gas transmission volume grew 6.6% YoY/-1% QoQ led by CGD and Power segment while offtake from refining remained low owing to lower utilisation. Average realizations came at Rs 1.58/scm, +1.8% QoQ and was in-line with our estimates. EBITDA/scm was up 6% higher QoQ led by lower other expenses. We largely keep our estimates unchanged. Higher domestic volume, strong recovery from industrial PNG demand would accrue more value to GSPL. At current valuation of Gujarat Gas, GSPL's 54.17%...