We increase our FY22E estimates by 10% to factor in strong inventory gain trends in H1 even as we leave FY23/24E earnings largely unchanged. GAIL reported higher than expected results with EBIDTA/PAT of Rs34.7bn (+44%QoQ; PLe Rs27.0bn) and Rs28.6bn (+87%QoQ; PLe Rs17.9bn) due to 1) higher than expected inventory gains and 2) increased petrochemical volumes post maintenance shutdown. Recovery in commodity prices in-line...