Castrol reported weaker than expected results for Q4CY20 as sales/EBITDA were 13%/29% below our forecasts. Net sales decreased by 7.6% YoY to Rs9,352 mn mainly led by lower volumes (-3.7% YoY) and lower realization at Rs180/ltr (-4.0% YoY). EBIDTA fell 24.5% YoY to Rs2,576 mn; EBIDTA margin fell by 618bps YoY to 27.5% as Castrol's promotional expenses jumped nearly 6x YoY to Rs650 mn. Its net profit fell 30.8% YoY to Rs1,877 mn as depreciation increased 21.9% YoY to Rs223 mn. Despite net profit falling by 30% to Rs5.8 bn in CY20, the company maintained dividend...