ICICI Securities Ltd | Retail Equity Research Balkrishna Industries' (BIL) revenues were at | 1,232 crore (up 22.8% YoY) vs. our estimate of | 1,135 crore after volumes grew 17% YoY to 54,002 metric tonnes (MT) (vs. our expectation of 50,764 MT) EBITDA margins came in at 24% (down 147 bps YoY & 222 bps QoQ) vs. our estimate of 28.4%. Higher raw material cost impacted the gross margin that contracted 94 bps QoQ while employee & other expense increased 4 bps QoQ & 124 bps QoQ, respectively...