ICICI Securities Ltd | Retail Equity Research Balkrishna Industries' (BIL) revenues came in at | 1,362 crore (up 34.5% YoY) vs. our estimate of | 1,285 crore. This was mainly due to volumes growing 23% YoY to 56,754 metric tonnes (MT) (above our expectation of 54,203 MT for the quarter) EBITDA margins came in at 26.2% (up 490 bps YoY, 225 bps QoQ) above our estimate of 26.1%. On a QoQ basis, raw material cost increased, resulting in gross margin contraction of 27 bps QoQ....