We retain ‘BUY/SO’ with revised TP of Rs 342 (earlier: Rs 278) as we roll over valuations to FY23E and it presently trades at 3.0x PE (ex-Gujarat Fuel). Gujarat State Petronet’s (GSPL’s) Q4FY21 Ebitda of Rs 3.4 bn (-3% y-o-y, -13.6% q-o-q) surpassed our and consensus estimates led by 49% y-o-y dip in opex because