ICICI Securities Ltd | Retail Equity Research Cox and Kings' results were below our estimates. Revenues declined 21.8% YoY to | 414.4 crore (below I-direct estimate of | 559.2 crore) mainly due to 56.3% YoY decline in leisure international revenues (partly due to divestment of explore worldwide in December 2015) and 26.5% YoY decline in education business (due to lean season). However, leisure India revenues increased 5.8% YoY EBITDA margin increased 318 bps YoY to 22.9% (vs. I-direct estimate...