ICICI Securities Ltd | Retail Equity Research Revenues grew 17.6% YoY to | 783 crore (I-direct estimate: | 781 crore) due to 16.7% growth in domestic formulations to | 323 crore (I-direct estimate: | 318 crore) and 25% growth in API to | 192 crore (I-direct estimate: | 175 crore). Export formulations grew 12.3% YoY to | 251 crore (I-direct estimate: | 276 crore) EBITDA margins improved 388 bps to 14.0% YoY (I-direct estimate: 15.0%) mainly due to an improvement in gross margins (67.3% vs....