₹253 crore for the March quarter. Lower gas prices meant raw material costs declined about 9% at a time when revenues were flattish year-on-year.According to Pratik Chaudhuri, analyst at Jefferies India Pvt.
Ltd, Ebitda margin expanded to ₹6.5 per standard cubic meter in 4QFY20 (a tad below Jefferies estimates) but the rise was moderate driven by higher operating expenses.Ebitda is earnings before interest, tax, depreciation and amortisation.Going ahead, the cut in domestic gas prices in April would offer support to margins but volume outlook remains subdued. "The near-term outlook on volumes can be clouded by Covid-19 and we build in 1QFY21/2QFY21 volumes to be about 45/80% of normal indicating a gradual recovery," pointed out Chaudhuri in.