GAIL (India) Q3FY21 EBITDA was largely in line while PAT was above our forecast led by higher than expected other income. Stellar performance by petrochemicals benefiting from highest-ever utilisation level at 114% was largely offset by third consecutive quarterly EBITDA loss at trading business. Gas transmission business volume remained flattish YoY (+4% QoQ) at 110.3mmscmd while LHC business saw a marginal dip at its EBITDA level. GAIL's management expect 5-7% rise in transmission volume in coming few years led by commissioning of new gas pipeline and demand from new fertiliser units in UP along with at least 110% utilisation level at its Petchem plant. Further, it expects stronger Q4FY21...