Gulf Oil Lubricants reported Q1FY20 results largely in line with our estimates although volume growth was marginally below estimates of 10% and were at 7.5% YoY (core volume growth of 10% in line with estimate). Revenues increased 12.9% to | 440.7 crore, in line with our estimate of | 449.3 crore. EBITDA per litre was at ~| 26.3 per litre (Q1FY19: | 23.5 per litre), above our estimate of | 24.5 per litre on account of a better sales mix. Subsequently, EBITDA during the quarter increased 20.6% YoY to | 77.9 crore, above our...