Results surprise positively: Volumes rose 2% YoY, while realizations fell 3%. Revenues declined 1% YoY to Rs7.8 bn (est. Rs7.23bn). Margins rose 126bps YoY to 28.1% on the back of a one-off benefit impacting gross margins. PAT rose 11% on the back of a property sale boosting other income. +23% For the year, the mobility segment saw double digit growth, offset by flat CV lubricant volumes. The industrial segment rose ~6-7% on the back of new customer additions. Profitable volume growth remains the focus for the management, with a favourable mix and emission norm changes to aid growth. We remain confident of Castrol's improving growth prospects, and believe Castrol remains an excellent defensive play. Castrol's RoEs of 110%+, margins of 28% and global brand strength remain unmatched....