ICICI Securities Ltd | Retail Equity Research Revenues de-grew 3% YoY to | 3525 crore, (I-direct estimate: | 3518 crore) mainly due to de-growth in domestic formulations. Domestic formulations declined 13% to | 1271 crore due to de-stocking at the channel level on account of GST transition. US sales remained flat YoY at | 646 crore (I-direct estimate: | 634 crore) EBITDA margins improved 159 bps YoY to 18.3%, and came in above I-direct estimate of 15.5% mainly on account of higher-thanexpected gross margins. EBITDA grew 6% YoY to | 647 crore (Idirect estimate: | 545 crore)...