Butterfly Gandhimathi (BGAL) reported strong revenue growth of 70% YoY to | 298 crore in Q3FY21. The healthy growth was on the back of enhanced customer interest in kitchen appliances due to accentuated preference for home cooked food. Revenue growth was visible across all channels except gas dealers. Though gross margins were lower (change in product, channel mix) by 400 bps YoY to 41.7%, EBITDA margins expanded 480 bps YoY to 12% due to positive operating leverage. On the back of strong operational...