ICICI Securities Ltd | Retail Equity Research Kewal Kiran Clothing's (KKCL) Q1FY17 revenues, EBITDA and PAT were above our estimates. Revenues registered strong growth of 17% YoY to | 107 crore against our estimate of | 99 crore. Sales were mainly driven by apparel volume growth of 5% to 10.19 lakh pieces while realisation per garment was up 8.8% YoY at | 994 Operating margins improved 140 bps YoY to 17.9% (I-direct estimate: 16.6%). Despite manufacturing expense to sales ratio rising...