Castrol India reported its Q2CY19 numbers, which were below our estimates mainly on account of lower-than-expected volumes, which fell 2.8% YoY to 55.4 million litre, below our estimate of 56.6 million litre. Revenues increased 2.2% YoY to | 1039.4 crore, below our estimate of | 1104 crore due to lowerthan-expected realisations. Castrol witnessed increase of 15% YoY in gross margins at | 101.1/litre (our estimate - | 100/litre) due to better product mix. On account of higher other expenses, EBITDA/litre came in at | 51.3/litre (up 16.2% YoY), below our estimate of | 55.4/litre. Hence, PAT was at | 182.7...