ICICI Securities Ltd | Retail Equity Research Revenues grew 20.1% YoY to | 1722 crore (I-direct estimate: | 1763 crore) mainly due to 48.4% YoY growth in Indian formulations to | 693 crore (I-direct estimate: | 733 crore) led by consolidation of the Unichem India and Nepal businesses EBITDA margins improved 57 bps YoY to 21.1% YoY (I-direct estimate: 24.5%). Improvement in gross margins (73.1% vs 65.8% in Q4FY18) was largely offset by higher other expenditure. EBITDA...