Gulf Oil Lubricants (GOL) reported good numbers, with 9.1% YoY revenue growth (at Rs 2.6bn) led by a healthy 13% volume growth. Strong expansion in gross margin (GM) continued ( 696bps to 45.9%) aided by RM tailwinds (base oil prices down ~31% YoY). EBITDA growth ( 28.9%) was healthy, with 243bps YoY rise in EBITDA margin at 15.8%.