Emkay Securities maintained a `BUY` rating on GTL with a reduced price target of Rs 334 as against current market price of Rs 213 (July 11).GTL`s Q1FY09 results were below the broking house`s estimates. The net sales for the quarter remained flat with mere 3% y-o-y growth to Rs 4,189 million. The EBIDTA grew by 7% y-o-y to Rs 651 million where as the EBIDTA margins expanded by 60bps to 15.5%. The PAT for the quarter increased by 2% yoy to Rs 328 million, significantly lower than Emkay`s estima