ICICI Securities Ltd | Retail Equity Research USL's Q1FY17 gross revenues (as per IND AS) grew 7% YoY to | 5840 crore (IGAAP gross revenues | 5641 crore vs. estimated | 5635 crore). Post excise duty, net revenues grew 9% YoY (down 4% QoQ) to | 2041 crore (IGAAP net revenues | 2291 crore vs. estimated | 2269 crore). Revenues for the quarter from Diageo distribution agreement were at | 163 crore compared to | 237 crore in Q4FY16 and | 44 crore in Q1FY16 (integration quarter)...