ICICI Securities Ltd | Retail Equity Research On a consolidated basis, revenues were at | 2,440 crore (up 35% YoY), vs. our estimate of | 2,164 crore. Revenue from India (adjusting excise duty) increased ~36.4% YoY to | 2,137 crore (volume of standalone business grew 35% YoY to ~96,000 MT) while revenue from Mexican operation grew ~21% YoY to | 345 crore (with volume growth of 20% YoY to ~16,000 MT) The EBITDA margin came in at 13.3% (down 108 bps QoQ) vs. our...