Castrol India's performance was broadly in-line with our expectations. Castrol's sales increased by 6% YoY, led by 8% YoY volume growth on the back of strong volume growth in the industrials segment (double digit) and CV segment. EBITDA declined by 2% YoY to Rs3.7bn, with EBITDA margin contracting by 222bps YoY to 25.5%, dragged due to increase in share of industrial segment (low margin, high volume), forex volatility and cost inflation. The Management remains focused on expanding the distribution network and deepening penetration in the Industrials segment and high margin CV segment deriving...