ICICI Securities Ltd | Retail Equity Research YoY revenues were flat at | 2404 crore (I-direct estimate: | 2341 crore). Growth in domestic formulations and animal health segment was largely offset by a decline in the US. Domestic formulations grew 9% to | 820 crore (I-direct estimate: | 811 crore). US sales declined 2% to | 989 crore (I-direct estimate: | 902 crore) EBITDA margins declined 403 bps to 21.5% (I-direct estimate: 23.6%) on account of lower gross margins and higher employee cost....