Gujarat State Petronet’s (GSPL) Q1FY24 revenue was flat QoQ while declining YoY, even as volumes recovered 17% QoQ (flat YoY). New tariff from 1st Apr’23 led to the miss, with 11% / 13% YoY / QoQ decline in blended tariffs for Q1. Transmission volumes of 29.4mmscmd reached a 5-quarter high and we believe the trajectory will likely keep growing.