We lower our FY22E estimates by 31% to factor in weak Q3 performance and reduce FY23/24E by ~7%, as we lower our margin assumption to Rs10.2/scm reduced domestic gas supplies. Q3 blended gas cost/scm was Rs25.2 (+90%Q/Q) which led to drop in gross margins at Rs11.8/scm (-36%Q/Q). Currently, government is working on revised gas allocation to better address reliance on high cost spot LNG prices. MGL remains a play on increased gas usage from rising vehicle and PNG penetration and we like the business, given its dominating share in growing...