ICICI Securities Ltd | Retail Equity Research Balkrishna Industries' (BIL) revenues were at | 1106 crore (up 25.4% YoY) vs. our estimate of | 1,087 crore. This was mainly after volumes grew 22.6% YoY to 49,553 metric tonnes (MT) EBITDA margins were at 26.2% (down 530 bps YoY, 115 bps QoQ) below our estimate of 28.7%. On a QoQ basis, raw material cost declined thereby expanding the gross margin (up 356 bps QoQ). However, the same was offset by higher employee & other expense...