ICICI Securities Ltd | Retail Equity Research Apollo Tyres' (ATL) Q4FY18 consolidated revenues were at | 4,031 crore (up 21.2% YoY) above our estimate of | 3,890 crore. Revenues (adjusting excise duty) from Asia Pacific Middle East and Africa (APMEA) increased ~18.8% YoY to | 2,883 crore while revenue from Europe increased 22.2% YoY to | 1208 crore EBITDA margins came in at 12.8% (up 166 bps YoY, 52 bps QoQ) below our estimate of 13%. Margins on a QoQ basis were higher...