Gujarat Gas reported weak sales with a 6.1% YoY and 20.3% QoQ volume decline, leading to a 4% QoQ decline in EBITDA to Rs5.1bn. Despite this, EBITDA/scm improved 19.1% QoQ to Rs6.4. The company cut volume growth guidance to 5-7% YoY, but raised EBITDA/scm guidance to Rs5-6, leading to a "Hold" rating with a target price of Rs565.