ICICI Securities Ltd | Retail Equity Research US$ revenues grew 3.6% QoQ to $112.97 million in line with our $112.2 million estimate while rupee revenues grew 0.1% QoQ to | 728 crore above our | 723.1 crore estimate EBITDA margins declined 200 bps QoQ to 14.3% and were way below our 16.3% estimate primarily led by higher employee expenses (up 2.8% QoQ) and travelling expenses (up 9.4% QoQ) Reported PAT of | 75.1 crore was in line with our | 75.3 crore...