ICICI Securities Ltd | Retail Equity Research Gulf Oil Lubricants reported 23.1% YoY increase in revenues to | 283.6 crore, above our estimate of | 244.3 crore due to higher volume growth of ~30% vs. estimate of 7.5%. Excluding an institutional order, volume growth was at 16% in Q1FY17 Subsequently, the EBITDA increased 40.5% YoY to | 48.5 crore (our estimate: | 36.9 crore). The EBITDA per litre was at | 22 per litre in Q1FY17 vs. | 20.3 per litre in Q1FY16 (our estimate: | 20.2 per litre)...