GAIL India (GAIL) has delivered a strong quarter sequentially in Q1FY24, with EBITDA up 5x to INR 24.3bn and PAT up ~2x QoQ to INR 14.1bn, well ahead of I-Sec estimates of INR 17.9bn EBITDA/ INR 10.3bn PAT, respectively. Stronger transmission earnings, buoyed by 8mmscmd uptick QoQ in volumes, 45% higher tariff QoQ (due to new integrated tariffs being applied from 1.4.23) and 2x QoQ improvement in trading EBITDA, helped offset continued weakness in petrochemical and muted LPG earnings.