Greaves Cotton's (GCL) revenues came in at | 494.7 crore, marginally down 2.3% YoY, (in line with our estimates of | 496.1 crore aided by new initiatives business. EBITDA grew 9.4% to | 77.2 crore YoY (above our estimate of | 61 crore). EBITDA margins improved and came in at 170 bps YoY to 15.6% (vs. our estimate of 12.3%) on the back of a reduction in other operating expenses and raw material expenses. Adjusted PAT was at | 50.5 crore, up...