Castrol India Ltd's (CIL) Q3CY17 numbers were marginally ahead of our estimates with net revenue & PAT growth of 13.1% & 14.2% YoY respectively. Improvement in gross margins ( 133 bps) and EBITDA margins ( 149 bps) was encouraging. Healthy volume offtake, better realisations and stability in the base oil prices supported the overall growth.