Increase in raw material expense (including sub-contractor charges) led to a decline in gross margins by 381 bps YoY to 32.4%. However, with operating leveraging kicking in, employee and others expenses as a percentage of sales declined 66 bps and 193 bps YoY, respectively. Resultant EBITDA margins contracted 128 bps YoY to 14.9% (I-direct estimate of 15.7%). Absolute EBITDA increased 24% YoY to | 41.3 crore (I-direct estimate: | 39.1 crore) Decline in depreciation cost (down 8.7% YoY) and interest expense...