GAIL's reported 1QFY17 EBITDA was above our estimate at INR15.7b (est INR13.2b; +58% YoY; +41% QoQ) led by (a) higher gas trading gains and (b) one- time tariff revision gain of INR800m. Reported PAT was boosted due to one-time gain of INR4.9b from the stake sell of MGL through IPO. Adjusted for MGL gain, adj. PAT stood at INR8.5b (vs est. of INR6.6b; +99% YoY, +10% QoQ)....