Castrol India Ltd's (CIL) Q2CY18 numbers were above our estimates on the revenue front, while profit growth was in line. Net revenue grew by 16.9% YoY, driven by strong volume growth (up 12% YoY). While EBITDA margins expanded by 68bps YoY (to 24.7%), a sharp contraction of 484bps sequentially, led by change in product mix, high base oil prices and currency depreciation was a disappointment.