Castrol's Q4CY18 EBITDA margin was a big beat at 30.7% (+618bps QoQ) although volume at 54 mn ltrs was slightly below our estimate. Net sales grew 6.5% YoY Rs10,334 mn (in-line with our forecast) mainly led by higher realization (+7.3% YoY). EBITDA was ahead of our forecast and increased 3.5% YoY to Rs3,174 mn. EBITDA margin improvement was mainly led by price hike and lower base oil price. Even net...