Castrol reported disappointing Q2CY17 results with net sales and EBTIDA margin below our and street expectations. Net sales was 12.5% below our estimate at Rs8,704 mn (-10.3% YoY, -1.3% QoQ). EBITDA margin slipped to 24.1% (-861bps YoY, -578bps QoQ) mainly due to higher base oil prices and lower sales. Net profit was also 36.6% below estimate at Rs1,379 mn (-33.3% YoY, -23.0% QoQ). Although we lower our estimates for CY17 on weak Q2CY17 results, we maintain...