GAIL India (GAIL) has delivered a muted Q4FY23, with adjusted EBITDA of Rs4.9bn (-87% YoY, I-Sec est Rs14bn) and recurring PAT of Rs7.4bn (-72% YoY, I-Sec est Rs8.2bn). Reported EBITDA/PAT of Rs3.1bn/6bn was impacted by write-offs related to the potential re-routing of the KMBPL (Rs1.1bn) and legal settlement of an old case (Rs70mn).