Further, better product mix has aided the company in avoiding a steep decline in its gross margin/liter, which stood at INR86.8/liter (-14% YoY). Owing to the lower tax rate of 26.1% (v/s 35.6% in 1HCY19), PAT stood at INR1.9b (-48% YoY). Factoring in the same along with further imposition of the extended lockdowns in various states, we have revised down our volume estimate for CY20/CY21 to 143m/186m liter (from 153m/191m liter), resulting in EPS CSTRL has entered into a strategic alliance with Jio-BP fuel retail JV to exclusively sell its products at its 1,400 outlets (which should expand to 5,500 outlets over the next five years). However, 2W segment accounts for 30% of CSTRL total volumes, which may be hugely impacted by EVs. We expect high dividend payouts to continue. Oil drain intervals are expected to rise in the commercial segment for BSVI engines.