Sharp cost focus expected to pay dividends Despite soft revenue performance during the quarter (~20% capacity utilisation), BFL nearly managed EBITDA breakeven in standalone and consolidated operations. Its focus on reducing breakeven levels by downsizing costs, enhancing efficiencies while simultaneously controlling capex spends is seen leading to improvement in margin trajectory. BFL expects to continue to post sequential improvement in coming quarters and return to previous margin levels on these cost initiatives. We build 17.4%...