ICICI Securities Ltd | Retail Equity Research On a consolidated basis, JK Tyres' (JKTIL) revenues came in at | 1,838 crore (up 14.6% YoY), which we believe would largely be volume driven. Gross revenues from India increased 25% YoY to | 1,903 crore (accounting for ~87% of consolidated revenue) while revenue from Mexican operation grew 12% YoY to | 279 crore EBITDA margins contracted 242 bps YoY & 570 bps QoQ to 14.4% below our estimate of 17%. Higher input cost (average natural rubber...