ICICI Securities Ltd | Retail Equity Research Revenues grew 20.7% YoY to | 982 crore (I-direct estimate: | 951 crore) mainly due to 41.1% YoY growth in branded formulations to | 158 crore, 70.8% growth in biologics to | 123 crore and 17.4% growth in Syngene to | 263 crore. Growth in branded formulations was due to conversion from IGAAP to Ind AS EBITDA margins improved 119 bps YoY to 26.8% (I-direct estimate: 24.5%) mainly due to lower other expenditure...