ICICI Securities Ltd | Retail Equity Research Net sales contracted 7.0% YoY to | 1321.5 crore. They were below our estimate of | 1618.5 crore mainly on account of lower-thanexpected revenues in the PMC division. PMC division revenues degrew 6.3% YoY to | 1190.5 crore vs. our expectation of | 1467.6 crore The EBITDA margin contracted marginally by 10 bps YoY to 5.2%. It was below our estimate of 5.9% mainly due to the weak performance of the PMC division where it clocked EBIT margin of 11% (our estimate: 12%). After adjusting for un-allocable expenses in the PMC division, the EBIT margin in PMC division works out to 6.7%...