ICICI Securities Ltd | Retail Equity Research Balkrishna Industries' (BIL) revenues came in at | 933 crore (up 15.3% YoY) vs. our estimate of | 892 crore. This was mainly after volumes grew 21.4% YoY to 42,550 metric tonnes (MT) (we expected volumes of 39,483 MT for the quarter) EBITDA margins positively surprised us at 33% (up 130 bps YoY & 496 bps QoQ). Despite higher input cost (average natural rubber prices were up 13.4% YoY & 1.7% QoQ to | 134/kg) gross margin...