Gujarat Gas (GUJGA) has delivered muted Q2FY24 earnings, with 23% YoY dip in EBITDA / 26% YoY dip in PAT to INR 5bn/INR 3bn, beating I-Sec’s estimates of EBITDA/PAT of INR 3.8/2.1bn, respectively. Earnings beat estimates despite a miss on volumes (9.3mmscmd vs estimates of 9.6mmscmd) with stronger margins offsetting the volumes miss.