Maintain BUY with TP of Rs 1,027 @ 25x FY20E EPS. Gulf Oil Lubricants (Gulf Oil) 1QFY19 was healthy led by 33% YoY volume growth. Revenue at Rs 3.9bn in 1QFY19 grew by 39.4%. Gross margin declined by 136bps YoY to 46%. EBITDA grew by 31% to Rs 645mn. PAT at Rs 400mn was up by 17%. PAT lagged EBITDA on account of commissioning of Chennai plant and forex loss of Rs 20mn.