Gross margins expanded by 570bp YoY and 100bp QoQ on the back lower raw material costs due to a fall in base oil prices by 31% YoY. EBITDA Margin at 15.8% came in-line with our estimate and is up 270bp YoY & 20bp QoQ. Current EBITDA margins would be somewhere near the peak and we expect them to stabilise at current levels of...