ICICI Securities Ltd | Retail Equity Research Revenues remained flat YoY at | 278 crore (I-direct estimate: | 296 crore). Miss vis--vis I-direct estimates was due to lower-thanexpected growth in domestic formulations, which grew 8% to | 156 crore (I-direct estimate: | 180 crore). Export formulations declined 8% to | 100 crore (I-direct estimate: | 94 crore) EBITDA margins improved 133 bps YoY to 15.5% (I-direct estimate of 14.8%) mainly on account of higher gross margins (67.5% in Q3FY18 vs. 64.7% in Q3FY17). EBITDA increased 9% YoY to | 43...