ICICI Securities Ltd | Retail Equity Research Led by volume growth of 26% YoY, net sales for the quarter rose 8.5% YoY to | 418.4 crore, partly offset by 17% YoY decline in milk prices. Robust volume growth during the quarter was driven by increased sale of pouch milk, ghee, cheese, curd and paneer Gross margins improved 141 bps as milk prices declined substantially during the quarter mainly due to lower global skimmed milk powder (SMP) prices. EBITDA margins saw an improvement of...