GAIL has reported a second successive quarter of robust operational growth in Q1FY23, with EBITDA of Rs43.6bn (up 81% YoY, 18% QoQ, 11% above estimates) and PAT of Rs29.1bn grew 91% YoY and 9% QoQ. Beat on operational front vs ISec estimates was driven by i) stronger trading segment EBIT and ii) marginal beat on transmission volumes, offset by weaker petchem volumes/margins and weak LPG volumes.