ICICI Securities Ltd | Retail Equity Research Mahindra CIE's Q1CY17 consolidated revenue (gross sales) was at | 1521 crore (up 19.4% YoY) largely supported by the integration of Bill Forge (BFL). Revenue from Indian operation (standalone + BFL + gears business) grew 52.6% YoY to | 623 crore while revenue from its European business grew 3.8% YoY to | 904 crore Consolidated EBITDA came in at | 194.5 crore while margins were at 12.8% (up 170 bps YoY & 390 bps QoQ) vs. our estimate of 11.8%. The...