Stellar growth, focus on branding through advertisements Revenue in line, but EBITDA margins below estimates: Manpasand Beverages' (MANB) 1QFY17 revenues grew a stellar 58% YoY to INR2,293m (est. of INR2,246m) (revenue net of excise duty). Revenue of Mango SIP grew 47% YoY, while that of Fruits Up grew a robust 120% YoY. Revenue mix for Mango SIP, Fruits Up and others (incl. ORS and Coco SIP) stood at 77:22:1 v/s 84:16:0 in 1QFY16. Revenues also included contribution of ~INR120m from Modern Trade, which was absent in the base quarter. EBITDA margin declined 360bp to...