ICICI Securities Ltd | Retail Equity Research Revenues grew 23.7% YoY to | 281.1 crore (above our estimate of | 267.2 crore) driven by recruitment and 99acres EBITDA margins declined by ~150 bps QoQ to 29.6% (vs. our estimate of 31.3%) mainly on account of higher advertising & promotion expenses (up 24.6% QoQ). Higher ad expenses possibly in Jeevansathi led to higher than expected losses in other businesses (-| 18.5 crore vs. -| 8.4 crore in Q2FY19). However, losses declined in...