ICICI Securities Ltd | Retail Equity Research Despite demonetisation, Kansai recorded sales growth of 7% YoY to ~| 1009 crore (vs. I-direct estimate: | 890 crore) led by strong volume growth of ~9% YoY. We believe the company had launched various trade schemes to push products at the dealer's level The EBITDA margin for the quarter increased 332 bps YoY at 18% (vs. I-direct estimate: 13.3%) with a 401 bps saving in raw material cost. The company continues to benefit from benign raw material...