Gujarat State Petronet’s (GSPL) Q4FY23 performance improved somewhat from Q3FY23 levels, with EBITDA down 4% YoY (up 9% QoQ) to Rs2.95bn, and net earnings up 11% YoY to Rs2.2bn (I-Sec: Rs3.0bn EBITDA, Rs2bn PAT). The YoY dip in EBITDA was primarily due to 14% YoY (+12% QoQ) movement in transmission volumes to 25mmscmd, ahead of estimates of 24mmscmd, offset by 12% YoY improvement in blended tariffs (down 7% QoQ).