Event: The Maharashtra government has proposed to reduce VAT on natural gas. MGL is expected to benefit from the proposal (reduction of VAT from 13.5% to 3%). In a likely scenario of the company passing on partial benefit to its customers (| 2-2.5/scm), we expect a revision in our volume growth estimates (incremental ~2% leading to ~19% YoY growth in FY23E) as the discount of CNG to traditional fuels would widen (upwards of 60-65%) in an...