ICICI Securities Ltd | Retail Equity Research On a consolidated basis, revenues were at | 2,123 crore (up 15.5% YoY), vs. our estimate of | 2,066 crore. Revenues from India (adjusting excise duty) increased ~18% YoY to | 2,075 crore while revenue from Mexican operation declined 17% YoY to | 232 crore. Revenue from the Cavendish Industries (CIL) was at ~| 343 crore EBITDA margin came in at 10% (down 441 bps YoY, but up 51 bps QoQ). On a QoQ basis, raw material cost increased, resulting in gross...