Balkrishna Industries' (BIL) revenues came in at | 1,114 crore (up 19.5% YoY) vs. our estimate of | 1,023 crore. This was mainly after volumes grew 15.9% YoY to 49,331 metric tonnes (MT) (above our expectation of 47,231 MT for the quarter) EBITDA margins came in at 27.4% (down 562 bps YoY; however up 601 bps QoQ), below our estimate of 28.6%. On a QoQ basis, all the cost parameters declined - Raw material cost declined thereby expanding the gross margin (up 247bps QoQ) while employee &...