ICICI Securities Ltd | Retail Equity Research Revenues declined 6.6% YoY to | 3707 crore (I-direct estimate: | 3659 crore) mainly due to 15% decline in US sales to | 1660 crore (I-direct estimate: | 1681 crore). The Indian formulations business grew a mere 2% to | 595 crore (I-direct estimate: | 604 crore) EBITDA margins declined 258 bps to 23.5% (I-direct estimate: 18.0%) but increased 594 bps QoQ mainly due to a sharp improvement in gross margins as well as lower SG&A; and R&D; spend...