Subdued quarter on revenue front: JV supported earnings Granules (GIL) earnings came below our estimate. The company posted revenues of Rs 3,553mn with 1.2% YoY declines which was below our estimate. EBITDA margin, at 21.8%, was below our estimate. Adj. PAT at came below estimate at Rs 457mn (Incl. JV share Rs94mn) with 37.6% YoY growth....