Sharda reported robust revenue growth of 34% yoy to Rs3.3bn driven by favorable price/product mix change of 31.1%, volume growth of 3.1% and adverse currency impact of 0.3%. Europe and NAFTA regions reported 42% and 104% yoy growth respectively. Gross margins contracted by 610bps yoy to 29% and was lower than our estimate of 32% due to increasing cost pressure from China. EBITDA margin contracted by 240bps yoy to...