ICICI Securities Ltd | Retail Equity Research Revenues grew 20% YoY to | 368 crore (I-direct estimate: | 366 crore) on account of 20% YoY growth in domestic formulations to | 227 crore (I-direct estimate: | 228 crore) and 26% growth in export formulations to | 113 crore (I-direct estimate: | 111 crore) EBITDA margins declined 51 bps YoY to 10.8% (I-direct estimate: 14.0%) due to higher other expenditure and employee cost despite improvement in gross margins. EBITDA increased 15% YoY to | 40...