ICICI Securities Ltd | Retail Equity Research Revenues for the quarter were mainly impacted by de-stocking of inventory at the dealer's level prior to GST. Revenues de-grew 24.6% YoY to | 163.5 crore vs. our estimate of | 228.7 crore Though gross margins improved 377 bps YoY on the back of favourable product mix, EBITDA margins for the quarter declined 210 bps YoY to 11.5% mainly on account of negative operating leverage (employee and other expenses up 235 bps and 371 bps,...