Maintain BUY with revised TP of Rs 946 @ 22x Sep-20E EPS Gulf Oil Lubricants (Gulf Oil) 2QFY19 was healthy on operational front. This was led by robust volume growth of 22% (30% including one-off low-margin orders from govt. agencies). Revenue grew by 29%, EBITDA 15% and APAT 13%. RPAT was flat as included Rs 80mn forex loss impact in interest costs.