ICICI Securities Ltd | Retail Equity Research Revenues grew 11% YoY to | 335 crore (I-direct estimate: | 320 crore) due to strong performance in development & manufacturing services and sustained growth in dedicated R&D; centres Gross margins improved 204 bps YoY to 76.1% but EBITDA margins declined 99 bps to 33.9% YoY (I-direct estimate: 33%) mainly due to higher employee expenses. EBITDA in value terms grew 7.5% YoY to | 114 crore (I-direct estimate: | 106 crore)...