Castrol's Q3CY18 results were in line with our expectations. Net sales grew by 7.6% YoY Rs9,269 mn led by volume growth across categories. Nearly 90% of the volume growth was led by new products which were launched in the past one year. Personal mobility segment continued to be the volume growth driver. However, EBITDA margins contracted 491bps YoY mainly due to rupee depreciation and higher prices of key inputs. EBITDA fell 10.3% YoY to Rs2,274 mn. Further, other income fell 44.1% YoY to...