Gujarat State Petronet’s (GSPL) Q3FY23 performance remained weak, with EBITDA down 20% YoY (down 19% QoQ) to Rs2.7bn, and net earnings down 31% YoY to Rs1.7bn (I-Sec: Rs3.5bn EBITDA, Rs2.3bn PAT). The YoY dip in EBITDA was primarily due to 30% YoY (-9% QoQ) decline in transmission volumes to 22.3mmscmd, lowest in the past 17 quarters and below I-Sec estimate of 26mmscmd.