We maintain our FY22-24E earnings as Q2 results were impacted by sharp hike in gas prices (up 25%Q/Q). Volume growth remains impressive despite plant shutdown by ceramic players for a month given spike in freight rates; two year CAGR of 10.5%. GGAS reported impressive results with EBIDTA/PBT of Rs4.2bn (-42%Q/Q; 2 yr CAGR 6.6%) and Rs3.3bn (-48%Q/Q; 2 yr CAGR...