ICICI Securities Ltd | Retail Equity Research Revenues for the quarter declined marginally by 1.1% YoY to | 120.0 crore against our estimate of | 134.7 crore. The decline was mainly owing to a 3.1% drop in blended realisations to | 960/piece. Volumes for the quarter grew marginally by 2% YoY to 12.5 lakh pieces Tepid volume growth resulted in negative operating leverage, as employee, manufacturing and selling expenses as a percentage to sales increased 250 bps, 190 bps and 100 bps YoY, respectively....