Sustainable volumes; margin recovery may be slower Mahanagar Gas (MAHGL) reported a miss on our estimates. Although, volumes were in-line at 3.1mmscmd (+13% YoY, flat QoQ), while EBITDA/scm was lower at INR3.4 (v/s our estimate of INR10 and INR10.5 in 2QFY22). Thus, EBITDA was at INR1b (-66% est., -67% YoY). The EBITDA margin contraction in 3QFY22 was attributable to a reduction in the APM gas allocation (due to supply cuts) and high LNG prices. The average cost of spot LNG stood at ~USD28/mmBtu for the company in 3Q....