ICICI Securities Ltd | Retail Equity Research Revenues grew 14% YoY to | 859 crore (I-direct estimate: | 814 crore) due to 12% growth in domestic formulations to | 383 crore (Idirect estimate: | 402 crore) and 17% growth in export formulations to | 273 crore (I-direct estimate: | 227 crore). API sales grew 16% YoY to | 192 crore (I-direct estimate: | 172 crore) EBITDA margins improved 406 bps to 18.8% YoY (I-direct estimate: 16.0%) mainly due to 1.7% decline in other expenditure. EBITDA increased 46% YoY to |162 crore (I-direct estimate: | 130 crore)...