Operating efficiencies to sustain margins: Balkrishna Industries Ltd (BKT)recorded revenue of Rs.10128Mn in Q1FY18, up by 7.5% YoY driven by a YoY7.0% volume growth. EBITDA stands at Rs. 2162Mn at 21.3% lesser by 411 bpsQoQ, as the natural rubber (which was procured earlier in Q4FY16 at a higher cost)had been utilized this quarter, thus leading to EBITDA margin contraction.