Balkrishna Industries' (BIL) revenues came in at | 1003 crore (up 15.2% YoY) vs. our estimate of | 998 crore. This was mainly after volumes grew 14.1% YoY to 46,149 metric tonnes (MT) EBITDA margins came in at 25.5% (up 41bps YoY but down 605 bps QoQ) vs. estimate of 28.9%. With higher input cost (average natural rubber prices were up 52.3% YoY & 22.5% QoQ to | 152/kg in Q4FY17) its gross margin contracted 636 bps YoY & 642 bps QoQ. Margins, however were partly supported by lower staff cost (down...