ICICI Securities Ltd | Retail Equity Research On a consolidated basis, JKTIL's revenues came in at | 2,152 crore (up 24.3% YoY), supported by volume growth (of 1-5% YoY in India & 25-30% YoY in its Mexico). Cavendish Industries (CIL) started contributing meaningfully, reporting revenue of | 400 crore EBITDA margins contracted 650 bps YoY & 515 bps QoQ to 9.3% below our estimate of 13.5%. Higher input cost (natural rubber price up 52.3% YoY & 22.5% QoQ to | 152/kg) impacted the gross margin...