ICICI Securities Ltd | Retail Equity Research Balkrishna Industries' (BIL) revenues came in at | 882 crore (up 26.3% YoY) vs. our estimate of | 899 crore, as volumes grew 22.4% YoY to 40,415 metric tonnes (MT) (our estimate: 40,093 MT for Q3) EBITDA margins came in at 31.5% (up 825 bps YoY but down 146 bps QoQ) vs. our estimate of 29.7%. Despite higher input cost (average natural rubber prices were up 14.2% YoY to | 124/kg in Q3FY17), the gross margin expanded 268 bps YoY. Lower staff cost...