Gujarat Gas (GUJGA) has reported 20% YoY dip in recurring EBITDA and 19% YoY dip in net earnings to Rs5.6bn/Rs3.7bn, respectively, with QoQ performance being largely flat. However, earnings were strongly above our estimates, with sharply improved costs in Q4FY23 driving a material beat vs our EBITDA/PAT estimates of Rs3bn/Rs1.7bn, respectively.