Castrol's Q2CY18 net sales were in line with our estimates although EBTIDA/net profits were lower by 8%/10%, respectively. Net sales grew 16.9% YoY Rs10,172 mn led by volume growth across categories. While realization was slightly weak (-0.9% QoQ), sales volumes at 57mn ltrs were ahead of our estimates. Out of the last ten quarters, it is commendable that the company has delivered volume growth in nine quarters. Castrol's EBITDA grew 20.1% YoY to Rs2,517 mn. However, EBITDA margin were lower than our estimate and contracted 484bps QoQ to 24.7% on account of higher raw material costs and weak realizations....