Gulf oil reported 3.5% of volume growth in this quarter which was marginally below our estimated but still better than industry growth, further in Q4 FY16 there was impact of higher volume base on account of large institutional order if we exclude that base volume growth would have been 10%. The volume for entire year have been around 12.4% to 84200KL, this growth is around 3x of what lube industry has posted. The revenues have been higher than our estimates as the company has increased its prices by 2-3% which led to Net sales growing to Rs11,285.5mn from Rs10,113mn, realization's for the company improved on quarterly basis but remained flat on yearly basis to Rs134/ltr. Volume mix remained almost constant with DEO accounting 42%, MCO at 18-19%, PCMO 4-5%, 17-19% for other automotive (transmission oil) and 17-18% for industrial segments. Gulf further enhanced its foot print with 900 car stops, 6000 bike stops and overall distribution network remained around 55-56000. The personal...