Castrol India Ltd (CIL) reported impressive Q4CY17 numbers with net revenue & PAT growth of 24% & 30% YoY respectively, above our estimates. Improvement in gross margins ( 126 bps) and EBITDA margins ( 424 bps) was encouraging. Overall growth was supported by strong volume offtake ( 15.7% YoY) and higher realisations during the quarter.