ICICI Securities Ltd | Retail Equity Research On an unfavourable base of 12% volume growth, CPIL was able to post 7% volume growth in Q3FY19 EBITDA margins improved 123 bps to 28.6% on account of 79 bps decline in employee costs to sales, 22 bps decline in advertisement spend to sales & 30 bps fall in miscellaneous expenses to sales...