Volume traction strong, margins expanded. Recommend Accumulate. GOLIL's revenue and profitability were in line with our estimates. Volume in Q1FY20 grew 7.5% YoY. (Core volumes grew 9.8%). While economic factors were slowing down and there was a slowdown in auto sales, GOLIL outperformed the industry in Q1FY19. Sales came from personal mobility, industrial and infrastructure segment. DEO segment had a slowdown due to slowdown in auto sector. Gross margins improved by 280 bps due to better product mix, segment mix, better realisations (retail price hike taken...