ICICI Securities Ltd | Retail Equity Research Revenues declined 3.5% YoY to | 3642 crore (I-direct estimate: | 3774 crore) mainly due to an 8% decline in Europe to | 777 crore (Idirect estimate: | 848 crore) and 20% decline in ARV business to | 262 crore (I-direct estimate: | 345 crore). US growth was flat YoY at | 1643 crore (I-direct estimate: | 1634 crore) EBITDA margins fell 318 bps YoY to 19.8% (I-direct estimate: 22.5%) mainly due to one-off inventory write-off and higher employee cost Adjusted net profit fell 5% YoY to | 513 crore (I-direct estimate: | 531...