ICICI Securities Ltd | Retail Equity Research Despite a strong base quarter (in Q1 ABFRL reported 25% revenue growth due to advancement of EOSS), ABFRL reported healthy topline growth of 9% YoY to | 1913.5 crore (I-direct estimate: | 1857.0 crore) EBITDA margins for the quarter improved 180 bps YoY to 6.0% (Idirect estimate: 7.0%) owing to a decline in rental expenses as a percentage of sales by 230 bps YoY and decline in other expenses as a percentage of sales by 60 bps YoY Driven by a strong operational performance, PAT for the quarter came...