ICICI Securities Ltd | Retail Equity Research Mahindra CIE's Q4CY16 consolidated revenue was at | 1330 crore (up 8.5% YoY) vs. our estimate of | 1,358 crore. Its newly acquired Bill Forge (BFL) is a part of its consolidated numbers. Hence, results are not comparable. In Europe, MCI discontinued production of some parts that were unprofitable while in India demonetisation impacted volumes of its top two clients thereby impacting its overall revenue Consolidated EBITDA came in at | 118.5 crore while margins were at...