ICICI Securities Ltd | Retail Equity Research Butterfly Gandhimathi Appliances (BGAL) reported a disappointing performance on account of absence of government orders and a decline in the branded institutional business on account of release of lower LPG connections during the quarter Revenues de-grew 50% YoY to | 155 crore. The decline in topline was owing to absence of government order execution, which in Q2FY16 was to the tune of | 164 crore. Branded sales declined 4%...