GAIL India (GAIL) has delivered another strong performance in Q2FY24, with EBITDA up 2x YoY to INR 34.9bn and PAT up 56% YoY to INR 24bn, well ahead of our EBITDA/PAT estimates of INR 27bn/INR 18bn. Stronger transmission earnings (buoyed by 12mmscmd YoY and 4mmscmd QoQ uptick in volumes), 40% higher tariff YoY (due to new integrated tariffs being applied from 1st Apr’23) and 4.9x YoY improvement in trading EBITDA (up 76% QoQ) helped offset continued weakness in petrochemical and muted LPG earnings.