Castrol reported better than expected EBITDA margin for Q3CY20. The EBIDTA and PAT were 12%/9% above our estimates. Net Sales increased by 4.0% YoY to Rs8,831 mn mainly led by higher volumes (+9.3% YoY) although realization was weak at Rs188/ltr (-4.9% YoY). EBIDTA increased 17.9% YoY to Rs2,882 mn as EBIDTA margin improved 384bps YoY to 32.6%. Castrol's operating cash during 9MCY20 stood at Rs6,240 mn (150% of 9MCY20 PAT) mainly due to robust working capital management. We introduce CY22 estimates in this report. We raise our CY20 EBITDA/PAT estimates by 8%/10% to account for better than expected Q3CY20 margin. We make minor...